I was having this same issue, but I was able to resolve it by changing the password on the Keychain login items file. I had to change the password for my user account after beta 3, but that process failed to change the Keychain (this isn't an issue limited to 10.12). I found the command to change the password via the command line though. I went in through the guest account, but I'm assuming if you don't have the guest account enabled you could do this through the terminal in recovery mode.
This is the command to enter:
security set-keychain-password -o oldpwd -p newpwd /Users/{usernamehere]/Library/Keychains/login.keychain
After running this command I could login under my account with no issue. I did get lots of prompts from various services that were needing Keychain access to "Local Items". I researched online and found the fix for this issue. After doing this I haven't had any issues.