Lock/unlock Keychain Access Basic Question


Having just reset my password and getting the prompts by AddessBook, etc., I reset the KeyChain password preference and all seems good.

However, it reminded me of a rather basic question I've wanted to ask. When I'm online or using the computer, my keychain is unlocked. Is this correct? If I lock it and attempt to use the computer I get the prompts to enter my password, then I hear the Keychain unlock. I have the computer set to lock the Keychain access when sleeping or away for any length of time. Correct? Right now, the little lock is "unlocked" on the top (what is that called again? Not the dock, but the ..." :) Thanks in advance.
To me lock on Keychain is local look look as far as I know! I know that apple started putting password inside a file in Safari instead! So if no one but yourself is using your account or don't lock your work Mac when going to bathroom or lunch then your asking a bad person in your home/office to do thing on your account! So lock it if other people have access to your account!
Thanks. I guess that sort of answers the question. I did google about the lock/unlock and most of what I come up with seems to be a non answer answer. Your example is probably better than most. I thought it was a "if the keychain shows unlocked than all the internet bogiemen can get inside" sort of thing, and not a local computer thing. I just have it set to lock during sleep for the added security of knowing that it's at least locked when it's asleep. :) Thanks again!