Index: Form/Element/Password.php
===================================================================
--- Form/Element/Password.php	(revision 8741)
+++ Form/Element/Password.php	(working copy)
@@ -40,7 +40,31 @@
      */
     public $helper = 'formPassword';
 
+    public $options = array();
+
     /**
+     * should the entered password be rerendered when form is rerendered due to error (or success)
+     *
+     * @param bool $flag
+     * @return Zend_Form_Element_Password $this
+     */
+    public function setRenderPassword($flag) {
+        // small hack. we can access attribs in Zend_View_Helper_FormPassword
+        $this->options['renderPassword'] = (bool) $flag;
+        return $this;
+    }
+    
+    /**
+     * returns whether passord will be rerendered when form is rerendered due to error (or success)
+     *
+     * @return bool
+     */
+    public function getRenderPassword() {
+        // this way unset and false will return false
+        return !empty($this->options['renderPassword']);
+    }
+
+    /**
      * Override isValid()
      *
      * Ensure that validation error messages mask password value.
Index: View/Helper/FormPassword.php
===================================================================
--- View/Helper/FormPassword.php	(revision 8741)
+++ View/Helper/FormPassword.php	(working copy)
@@ -52,9 +52,9 @@
      *
      * @return string The element XHTML.
      */
-    public function formPassword($name, $value = null, $attribs = null)
+    public function formPassword($name, $value = null, $attribs = null, $options = null)
     {
-        $info = $this->_getInfo($name, $value, $attribs);
+        $info = $this->_getInfo($name, $value, $attribs, $options);
         extract($info); // name, value, attribs, options, listsep, disable
 
         // build the element
@@ -69,11 +69,17 @@
         if (($this->view instanceof Zend_View_Abstract) && !$this->view->doctype()->isXhtml()) {
             $endTag= '>';
         }
+        
+        // for security reasons don't render value of password by default!
+        // empty returns true when renderPassword is false or not set
+        if(empty($options['renderPassword'])) {
+            $value = '';
+        }
 
         $xhtml = '<input type="password"'
                 . ' name="' . $this->view->escape($name) . '"'
                 . ' id="' . $this->view->escape($id) . '"'
-                . ' value=""'                             // don't render value of password!
+                . ' value="' . $this->view->escape($value) . '"'
                 . $disabled
                 . $this->_htmlAttribs($attribs)
                 . $endTag;

new Zend_Form_Element_Password('password', array('renderPassword' => true));

$password = new Zend_Form_Element_Password('password');
$password ->setRenderPassword(true);