So I ran:
% openssl passwd -1 'testit'
<value>
and cut-n-pasted the <value> to the "default_password_crypted:" field in
/etc/cobbler/settings and updated everything:
Doing better than I did then - I could never get this to work
with my CentOS 5.5 cobbler server - anytime I tried it cobbler
came back complaining that the resulting kickstart was
corrupt/invalid. In the end I generate the password with
grub-md5-crypt and that seemed to work fine (well, I've done
about a dozen test installs since with no problems. :D