I'm telling you it works for me with the EFI password from OS X using the OS X admin password. It's the standard EFI reset tool from Apple that came with the Lion betas. Can't post a video now, the tools at work and it's the weekend. There are other tools that allow this as well. Mostly Apple service tools used in Apple Stores. They do use OS X to reset the password using the local Netboot image's admin password to do it. I've used those tools in the past as well. But it's just easier to use the Lion beta EFI password reset tool. I know exactly what I'm doing and it works without a problem.
it works only on some old models
it wont and never will work on anything after 2010 period.