Note: This option is only available for Office 365 administrators ( not dirsynced admins )
First, when I logged on with my Office 365 admin account, I got a popup saying "Don't lose access to your account"
It asks you to enter a phone number and a non-365 e-mail address.
Weird enough, it does fill in you 365 email address by default.
If you look up you admin user, you will see an extra field when editing the user settings.
There is an "alternate email address" field, currently displaying the email address I entered in the popup before.
You can start the process by browsing to the microsoftonline portal and choose "forgot password" at the sign in page.
Previously, this would take you to the support page saying you should contact support to reset your password. This time, it looks different.
First, the wizard asks you if you are an Office 365 administrator.
If you are not, you will be asked to contact your system administrator.
If you are, choose the option and click next.
Enter your admin user logon name and enter the cerification characters and click next.
Now an email is sent to the alternate email address you entered previously on the admin user's settings ( or during the popup you got during logon ).
Below email is the email I found in my alternate email inbox.
This immidiately sends a text message to you mobile phone. ( also entered at logon popup, or user settings )Use this code on the reset password page and click next.
Once you entered the mobile verification code, you will be asked to enter a new password.
Enter the new password and click finish.
Your password had now been reset.
How cool is this!! No more calling MS support if you lost you password.
Note: Do not forget to enter an alternate email address and phone number before you lose your password :).