The idea sounds great, however, I read this on their Kickstarter page:
Besides offering all of our Kickstarter backers access to the Crypteks™ password management system; we will be offering a "ring-change" service for anyone that may have accidentally forgotten their mechanical pass-code.
Ian, my understanding is that the "ring-change" service is for the outer shell, not the encryption password for the USB data. Futhermore, the use of the password management system is optional.
From the Crypteks page:
"No way! Thankfully NO ONE can reset your encryption password! Deciphering 256-bit AES encryption is a monumental task! (That's why we love it!). We recommend using and updating your personal Crypteks™ password management system account anytime you get a chance to change your password! We will be encrypting the entire engine and even we will not be able to view your stored information!"