If you use a dedicated password manager with a browser plugin, you will know that Safari Keychain can never be on par. I don’t want to list all the differences here, but consider the following. Many websites rely more and more on JavaScript to handle logins, something which Safari Keychain often fails to recognise. What Safari Keychain can’t recognise, it can’t store. It’s the same for 1Password too, but there you can always create entries manually as a workaround and still use 1Password’s autofill function. 1Password simply works all the time, Safari Keychain doesn’t always.
1Password has so many useful features that you really start to appreciate once you use the app a bit longer. Things like security audits (for old, duplicate and weak passwords), password histories (comes in handy sometimes!), granular controls for password creation (many websites have different requirements), tagging and folders, the option to sync everything over Wi-Fi rather than the cloud. I also use this app to store lots of other secure data, like software licences, harddrive passwords, banking details. It’s such a powerful app, regularly updated and well-polished. It’s just the best you can get in my opinion and worth the money. With iOS 8, 1Password will almost be as tightly integrated as iCloud Keychain is now. There are no benefits to Safari Keychain anymore, other than that it’s free and included.