Some ideas, based on how I've used it...
1. I got nervous about using the same password for everything. So I made up new (and a bit harder) passwords for different websites.
2. I used the "generate password" feature of 1Password to generate really strong passwords for all banking sites.
3. Even though my browser stores them too, I'm frequently away from my computer (at my parent's house, sister's house, friend's house, etc) and use 1password on my iPhone to be able to log into websites where I don't have those tough passwords memorized.
4. I use it to log into websites directly onto my iphone.
5. I store important information into the Secure Notes section - things like my kids' and wife's social security numbers, my frequent flyer numbers, my hotel membership account numbers, etc. Having my macbook and iphone always sync'd ensures I can always pull up this info when I need it.
6. I store software license keys and other info in the Software section. I've needed to look up license keys and it's now a breeze because I know exactly where to go.
I've found it to be a very ELEGANT solution and love it. I used to use SplashID way back in the day and found it more clunky. My wife used to use Roboform on the PC before we converted her to Mac, and I hated that one.
Good luck.