According to MSDN SecureString contents is encrypted for additional safety so that if the program is swapped to disk the string contents can't be sniffed.
How is such encryption possible I wonder? The algorithm would be fixed and therefore either well-known or deductible (say one of seven widely used in industry algorithms) and there must be a key somewhere in the program. So the attacker could fetch the encrypted string, fetch the key and decrypt the data.
How can such encryption be useful?