Hi there.
I thought I should chime in here, as I am also experiencing this. In my case:
1. Autogenerate password is set to "no".
2. Require admin approval is set to "no".
3. Require email confirmation is set to "yes".
The [PASSWORD] code is included only in the first registration email sent out to confirm the user's email address.
All other codes, i.e. [USERNAME], [DETAILS], [NAME], work perfectly.
Let me know if you need to know any more details.