There's one big Achilles heel in this entire system that somewhat bothers me.
While I've no issue with the notion of you being screwed if you forget your master password (which is confirmed on the FAQ page), but what if the software itself becomes unusable? What if the author stops updating it, or an unavoidable update knocks it out of commission? Even if only for a few days, it's likely to cause problems!
Because of this possibility, I'd really like to see an optional way to somehow dump the saved passwords somewhere. Perhaps an executable on the machine that requires the master password to be opened? From what I've read the programming of the software prevents you from being able to do a full dump of all passwords at will, but perhaps it could be done on demand when they're created?
It'd be a nice failsafe for those who have reasonable faith in their own system's security should the software be knocked out of commission. It'd also of course be useful if you need to head out somewhere and want to quickly see what a certain password is so that you can use it once you get there.
If all this is possible then do let me know, but from what I've seen thus far it isn't.