I am a user of 1Password, both the current version (4?) and the previous version (1Password Pro?). Sadly, the developers of 1Password rewrote 1Password after Dropbox deprecated a particular syncing API, and decided to release it as a brand new app.
I've tried some of 1Password's competitors' offerings and they are typically quite mediocre. 1Password is the Dropbox of password managers, for better or worse.
I'm hoping that some day Apple's iOS Keychain management is robust enough where I can use it as a free password manager, but it has not arrived yet as of December 2013.
Download and install AppShopper and set up an account. Then add 1Password as an "Want It" app. You'll get notified when the price drops. That's when you should consider buying 1Password.
In my opinion, 1Password is not worth the full retail price. I'm sure the 1Password developers would disagree with my assessment, but then again, they are the ones who periodically put their app on sale. Charge up your iTunes account with a discounted iTunes gift card and you'll pay even less out of pocket.