It's held in the Local System account profile at:

HKEY_USERS\.DEFAULT\Control Panel\Desktop

Don't confuse HKEY_USERS\.DEFAULT with the default user profile in the
Default User folder under Documents and Settings. HKEY_USERS\.DEFAULT
is the Local System or the Machine\Workstation profile, this hive is
stored in %systemroot%\system32\config\default.

The Default User account stored in the Documents and Settings folder is
just a template used when you create new user accounts, when a user is
created the new user's profile is copied from the Default User profile.
Any changes that you make there will not apply to already existing
users or to the Local System profile, they will only apply to new users
created after the changes.

How to change the Windows Logon screen saver in Windows XP
http://support.microsoft.com/kb/314493

John

supersonic_oasis wrote:
Hi all,

I am setting up my power options on my XP box and I have everything set to
Never. I don't want anything to ever turn off. I would like this to be the
default for everyone so, I have setup my power settings using the
Administrator account, and then copied the administrator profile to the
default profile. However, when I log out, the log-on screen seems to have
it's own power settings, as when I leave it at the log-on screen and I am
away from my computer, the monitor shuts off.

Does anyone know where the power settings for the log-on screen are set?

Any help is appreciated, thanks.