I have seen a few posts about this, but no solution and just come across the issue my self.
http://forums.iis.net/t/1177571.aspx
http://support.microsoft.com/kb/2494158/en-us
I tested manually changing the password (Powershell), but that did not seem to cause the problem, now it has been 30 days, and the application stopped working (Automatic password change) ( App pool account can not longer authenticate against SQL server)
Have anyone tested the above mentioned KB article for IIS application pools (The KB article is about accounts on services)