The FileVault master password is present to recover FileVault data if the user account password has been forgotten. The master password is not present just to reset the account password. The master password is used to reset the FileVault password, which is the same as the user password, in the event that the user password has been forgotten. http://docs.info.apple.com/article.html?path=Mac/10.4/en/mh1877.html
User passwords can be reset by an administrator or via the install disk if the only administrator has forgotten the password. http://support.apple.com/kb/HT1274
I stand corrected, thank you sir.