It is also recited in many protestant churches. I think being "born again" is great, especially if someone is sincere.
I am not sure about the "not losing your salvation once you are 'born again'." I still think you can permanently separate yourself from God through sin at any time during your life. That is why repentance and forgiveness is so important. You don't just ask for it once in your life and your done. At least I don't. I have to constantly ask for forgiveness(that is done at Mass also as well as through confession).
What are your thoughts?
I certainly agree. We are fallen beings, constantly being attracted to sin, minor and major (venial and mortal), throughout our lives, hence the Catholic Church's requirement of repentance and forgiveness (the Sacrament of Confession, or Reconciliation, in particular to address this state).
I think to believe you cannot lose your salvation once you are "born again" is naive; unless they mean that they are on the right road to salvation, I'll consider that, but to be automatically and securely saved, no way. We all know people in our lives, regardless of denomination, who've travelled the rocky road to the narrow gate; I'm no judge and can't read their hearts, but some I thought were so sure they were going to heaven regardless of certain major indiscretions they'd seemed to forgotten, that they might be fooling themselves.
Of course, we'll all find out given the great equalizer (death) waits for everyone?