Can you explain how it works to an average joe and in non marketing "we're going to make this sound so good so you can buy it" terms from their website ?
Assume you are asking about 1Password.
It has several "what I consider" fantastic features.
1) Extremely secure
2) Manages all of your passwords or other sensitive info
3) Auto generates a new password for every site
4) Auto fills passwords as you navigate to new sites (hotkey)
5) Works across my OSX - Windows - iOS devices
#3 is really important. If your password is compromised on any site... then it is quite possible that password is used across multiple sites. The vast majority of people have (and use) fewer than 5 passwords. Most probably have fewer than 3.
Example: A friend of mine had his Amazon account hacked. He was called by Amazon prior to them shipping $3000 of consumer electronics equipment to someone. He has no idea how it happened. However... he also used the same password for other shopping site... his bank account... his 401K account... his stock brokerage account... you get the idea.
He did go and change the passwords everywhere. It took him months to do. He was vulnerable this entire time.
With 1Password... each and every password is unique and complex. A typical password of mine is: knBV;PVg;iFLqG9WoeBW3yGb. Likewise... a similar string fills in all of the extremely insecure back doors to password reset such as: Mothers maiden name... favorite pet... etc.
I suggest that you just do it and never look back. You will never forget a password again, and your security will be increased considerably.
/Jim