It's hard to know what's inevitable. There's certainly added exposure with the cloud, since a locally-saved password keeper isn't going to put that encrypted data out where it can be sniffed. The question is, will the encryption be cracked? On that basis, every web commerce transaction, every electronic banking transaction, every corporate VPN... It's going to be a matter of the resources available to the "bad guys," and whether the target is worthwhile.
Security inevitably involves trade-offs. If a constantly-up-to-date-on-all-devices cloud-based approach encourages us to abandon passwords we can remember in favor of long, randomly-generated codes, will we increase overall security to the point where the cloud risk is secondary?
But in the end, cloud-based or not, a single password that unlocks access to hundreds of passwords is a chink in the armor. It's a trade-off I accept, because its a darn sight more secure than Post-its.
I trust that any of the well-known password safes will be as secure as any other, on a technical level. The field is sufficiently competitive to help assure that. I find usability to be more important. The password keeper I use is more valuable than the one that's a pain to use. It's more about avoiding unnecessary password resets than about keeping the NSA and Asian hackers at bay.
I've used SplashID for quite a while now. There are things about it that I find clunky or inconvenient. But it does the job, and I'm not sure that the grass is greener among the competing products - everything's flawed, just in different ways.