http://dev.mysql.com/doc/refman/4.1/en/replication-howto.html

You need to read the database replication documents a little more in depth; depending on your version of MySQL and wether or not you use InnoDB, you want to also include something like the following on the master server:

innodb_flush_log_at_trx_commit = 1
innodb_safe_binlog
sync-binlog = 1
log-bin = /path/to/mysql/data/master-bin
log-bin-index = /path/to/mysql/data/master-bin.index

On the slave, you want to enable (usually) read-only behaviour to revent accidental commits as well as the relay logs:

read-only
relay-log = /path/to/mysql/data/slave-relay-bin
relay-log-index = /path/to/mysql/data/slave-relay-bin.index

A better method to ensure exact replication would go like the below:

1) start master

2) grant replication to slave

3) run "show master status" and record the index file and it's offset position

4) start the slave

5) run "stop slave"

6) run "change master to master_host='[MASTER HOST IP]', master_user='[USER]', master_password='[PASSWORD]', master_log_file='[NAME]', master_log_pos=[POSITION]" (from #3)

7) run "start slave"

Now go ahead and set your root password, create your databases, etc. Everything done on the master will replicate faithfully over to the slave.