So what happens when your master password gets exposed? You get to go to every single site and change your password? How do you even know which sites you have accounts?
I think I'll stick with 1Password and completely random passwords. F.ex. with LinkedIN, I just need to change one password (and I have a database of passwords telling me where I have accounts, comes in handy too).
Speaking of LinkedIN, how would you change your password there? (since password = salt (based on domain name) + hashing function + master password; how do you change it?!)