Actually this thread made me realize there is a usability issue here that needs to be fixed. The problem is that recently I changed the default password format for the initial site from clear text to hashed. The problem with hashed is that it cannot really be recovered because it can't be decrypted. So when the password recovery is used with hashed passwords it generates a new random password and resets to this password then sends it in an email to the user. But in a new installation if smtp settings are not yet configured the email will not be received and now the password is unknown, or if the user did not change the admin@admin.com to a real email it will also not be received and therefore now the password is unknown and not possible to decrypt it. In this case Steve's suggestion is the way to get back in.
The long term solution is to change the password recovery for hashed so it does not reset the password right away but instead sends a link to the email address to confirm the reset so it will reset only if the user clicks the mailed link. This will prevent the password from becoming an unknown hashed value.
For the short term solution I'm going to change the default format to encrypted for the initial site in the next release.
Thanks,
Joe