Bypassing Mac Firmware Password

So I had a rather embarrassing situation today where I needed to boot my Macbook pro from a usb device but I had forgotten my password. After some background reading I found a very simple solution. From within OS X (I used snow leopard but the procedure should be the same for any Intel based mac) open terminal and run the following command:
sudo nvram -d security-mode
And the password is gone!
I believe it’s also trivial to decode your password from the output of nvram -p