actually Paul is wrong... in one way.

there is a capability to tweak the registration process to be able to save the original password without crypting it, and then your new users would be able to retreive their password the way you want it to be...

the problem with that tweak is that it would apply only to the new registered or the ones who renew their password.

and your comment about "pretty darn stupid" ... not correct. vBulletin is not "any website just for the fun of it"... if you are registered to yahoo or msn or hotmail, you can't retrieve your password either.. you have to follow the exact same process as on vBulletin.. .require a new password and click a link in the email sent so you have a new activation to do...

maybe you are refering to the old sites without any security you are visiting... but any commercial website now have solid encryption due to piracy and spam.