I have had to live through implementing a controversial password rotation policy at Mozilla. We had some bitter battles along the lines of "you dimwits, it doesn't do anything for security", and "you are a Nazi for trying to make me change my password so often". While I am still firmly in the "it's a good thing" camp, we have found OpenLDAP's support for password policy somewhat lacking. In particular, it does not distinguish between a few brain dead applications failing multiple times with a single incorrect password and a crack attempt with different incorrect passwords. I tried bringing it up in their mailing lists, but that thread didn't get too far. We have an its request on file as well. At this point, I wimped out and outsourced the problem. Enter Zytrax and the awesome Ron Aitchison, I can't recommend his "OpenLDAP - here is what all this gobbledegook means" guide enough. Jeff Clowser, Ron and I fleshed out the details in the spec and I am now happy to announce that we have patches that work against 2.4.11 and 2.4.16. It's been running on our servers for a few days now and seems to be holding up okay.
Here is how it works. The patch introduces a new attribute - pwdMaxTotalAttempts. Quoting from the README, 'The attribute may take one of three values. If pwdMaxTotalAttempts is zero (0) or not defined then no repeat password checking is perfomed. If pwdMaxTotalAttempts is -1 repeat password checking is performed and an unlimited number of attempts with any number (up to the limit defined by pwdMaxFailure) of repeat passwords are allowed'.
To disable this new behavior you don't have to do anything (i.e. pwdMaxTotalAttempts is not even defined). Also, explicitly setting pwdMaxTotalAttempts to 0 disables it. If you set it to -1, the new policy is enabled and repeat password attempts are tracked. Setting it to a positive number enables the policy as well, but also gives you some limited DoS protection. There are some risks to enabling the new module - it keeps track of your failed passwords (as SSHA hashes). So, proceed with caution when you enable the module.
HTH someone out in the ether.