Each 'service block' is an encrypted file consisting of service name, service password (autogenerated), kv-store, some metadata for regenerating new passwords. The key to each service block is the hash of a primary password. The name of the 'service block' file is the hash of the service name. All of the service blocks are stored together in a folder that can be rsynced wherever.
My worry is obviously in the crypto. While I'm not doing anything too fancy I worry about timing attacks because an attacker will have the full encrypted block so the system is vulnerable to that sort of thing.
Writing them down in a notebook next to your computer. A homebrew system like e-mailing GPG-encrypted files to yourself. Your browser's built in password saving and sync features. A password-protected Excel spreadsheet on your dropbox.
Compared to a notebook, I can access my passwords from my phone if the need arises, and they're encrypted and backed up should I lose my phone.
Compared to a homebrew system, someone else has done the work and made a cross-platform system with nice browser extensions, sensible defaults, and so on.
Compared to my browser's sync features, there's peace of mind because it's not a free feature from a corporation famous for nonexistent customer service and sketchy tracking practices.
Compared to dropbox, the price is trivial (as they only have to store a few kilobytes of data) and it's focused on security.