This looks like a very neat tool, but the difficulty with many of these systems is the need to install the password software and have access to a copy of the password data file(s) If you login to many different systems, possibly on different OS platforms, then they all need to be kept in sync every time you change or add a new password.

Here I've listed a few other password management options with pros and cons: http://ss64.com/docs/security.html