Automatically opening kwallet while logging in to KDE

I just converted to Kubuntu from Xubuntu on Precise. Chose kdm as display manager and doing so at next login was presented with 3 password entries in total - kdm login screen then gnome-keyring for Ubuntu One and kwallet for Chromium. Crazyness!

So my solution currently is: 1) use LightDM instead of KDM which unlocks gnome-keyring automatically 2) set up kwallet with blank password 3) use home folder encryption