I needed to reset the django admin password and found this page which tells us how to do this. It did not work for me, however I tried to get the user object explicitly, reset the password and save it and it worked!
Here is a session describing the behavior:

> python manage.py shell
In [1]: from django.contrib.auth.models import User
In [2]: u=User.objects.all()
In [3]: u[0].password
Out[3]: 'sha1$0913d$6c5cfefb89b3c77dc8573e466a943c7acd177f6b'
In [9]: u[0].set_password('testme')
In [10]: u[0].save()
In [11]: u[0].password
Out[11]: 'sha1$0913d$6c5cfefb89b3c77dc8573e466a943c7acd177f6b'
In [12]: q=User.objects.get(id=1)
In [13]: q
Out[13]: <user : root>
In [14]: q.set_password('testme')
In [15]: q.save()
In [16]: q.password
Out[16]: 'sha1$24e9c$868ff39f08c3bde96397e33ea6a8847a658a16bc'


Maybe this is related to queryset caching, which would print the same password even after calling set_password. But it looks like in the first method, the password does not even get written to the database. This might be a bug. I will need to run more tests and report (or possibly patch) it...

Update: Perhaps I am not clear in the above post. The weirdness is that in the above two scenarios u[0] and q should essentially reference the same user object, but calling set_password (and later save) method on the u[0] reference does not seem to work (i.e. the password attribute remains unchanged and changed password cannot be used on the admin pages) but calling the same method on q reference seems to work!

Update2:I got it finally. Thanks all (Esp SmileyChris) ! every array slice is a new query! so in the first solution, I need this to make it work:

u=User.objects.all()
u[0].password # to display current hash (Query #1)
q=u[0] # (Query #2)
q.set_password('testme')
q.save()
q.password
u[0].password # (Query #3) this should print updated hash!