I use mine a lot. I have a job where I have multiple passwords to things and you have to change them every 30, 60 or 90 days. So I need a secure way to keep track of all that. Plus Password Keeper has a nifty password generator that can help you think of new ones. Since you usually can't repeat p-words it's nice to get some help.
Of course it would be nice (and probably) unsafe to have a way to export all you passwords to a text file or something. I got my phone wet and couldn't turn it on for 3 days while it dried. Over that time I had no access to my p-words.
I use it and consider it among my most valuable apps.
I think I have around 85 entries... which seems nuts until you factor in all the websites, personal info like credit cards, any special account numbers for your home, etc.
SO: if I were the evil George S or the like with lots and lots of money to throw around, why not spend some trying to crack the password keeper (or Norton's offering or your bank's offering) - if you could crack one, then you would have lots and lots of targets to milk. I keep mine in a flat ascii file, offline. Seems everybody is offering such. Is real security improved or just perceived ? Is the actual gain really that of convenience, or not ?