I don't disagree that they should be compensated for new versions, however, I think we have a difference of opinion on what qualifies as a patch; I'm not intrinsically against upgrading license types ( though I don't like the move to subscriptions-only ), but I also expect the software I've already paid for to be updated when a major selling point feature ( browser integration ) breaks, especially if it's only the previous version ( in spirit or in practice ).
To be honest, though, I don't really expect they'll have a similar situation in the future now that they're actively maintaining all platform versions ( and with a unified core! ), so I'm being bitter over the past and letting it seep into how I feel about v8, local vaults, and control of my data.
I also feel I should be realistic about the incentive structure. I want 1password to continually work on security, additional features, and quality of life stuff. That requires steady income.
As to your local vault concerns. I think you have a really valid point.