Still a quite common error in WebI 4.0 Rich Client only
SAP BusinessObjects 4.0 - Web Intelligence Rich Client
It can happen after some time that you get a "login failed" message when you try to login with Web Intelligence 4.0 Rich Client (in Launchpad it works). This is due to a corrupted LSI (Local Security Information) file.
To fix that problem, open the folder
"C:\Users\[MyUsername]\Documents\My SAP BusinessObjects Documents\LocData"
on your client computer. Delete the "*.lsi"-files in the LocaData folder (or move them to another directory for backup).
Try to login again in WebI 4.0 Rich Client.