I like the separation between services right now. 1Password manages the client, Dropbox handles the storage, because they're experts at that. The same is true for Arq, a popular Mac backup software. Arq handles the client interactions but uses third party storage providers to store the data. I trust Amazon to store my backups.

Granted, backups are not the same as passwords, but they are both important to maintain in terms of data integrity and security. And I wouldn't trust Arq to run their own cloud storage platform and I don't trust 1Password to operate their own cloud password storage solution, either.