If, by "very secure", you mean "keeps your list of sites on which you have accounts on in plaintext", then yes.
$ strings ~/Library/Application\ Support/1Password/1Password.agilekeychain/data/default/* | less
$ strings ~/Library/Application\ Support/1Password/1Password.agilekeychain/data/default/* | less
You need to pick a good password, but there's only 1 to remember (hence the name).
Did they store them in actual, real plaintext at one point? If so, that's not how it works now.