Wifi syncing is extremely temperamental. Some users had no issues. Others couldn't get it to work at all. We felt it was not giving our users the best possible experience we could provide.
Is there a reason why you can't use Dropbox syncing? If you have security concerns I can probably give you all the information you need for security on that. We all use Dropbox here at AgileBits. We wouldn't ask you to do it if it wasn't secure.
Let me know what your concerns are and I'll tackle them.
Well, aside from the fact that use of cloud services is prohibited by company policy (and we have thousands of Mac users - a substantial portion of which use - or used to use - 1Password), I wouldn't trust dropbox with anything after their history.
Here's an example Someone hacks dropbox and starts collecting 1password keychains even if they can't hack them yet. Then down the road, a vulnerability in 1Password is discovered. All of a sudden, all your passwords are now exposed. Syncing security data to a cloud service is simply a bad idea.
And again, that link is useless. Try it. Start with a clean iOS app. Click 'existing user'. Then click 'iTunes sync' and see what happens.
And still no answer on if it's a real-sync (individual bi-directional passwords), or if it's just a wholesale DB replacement.