An even bigger worry is the loss of local storage. I don't really mean just supporting a local vault. The old 1Password kept daily backups on my local disk. It also supported various file formats to export my vaults. That seems to be gone now. I see there is a new format for export, with files having extension "1pux". Their forums say the ability to import 1pux files has not been implemented yet. So, effectively, there is no way to get a local copy of my passwords.
@svenmany, you are such an idiot. Research before you spout off. Oh wait, that's me!
1pux is just a zip file. When expanded it's just a text file with a JSON string. That JSON string is easily read in a text editor or programmatically accessed. Since it's not encrypted, it will be up to me to keep it an encrypted place (which is virtually everywhere for me). Where did I learn this? Well, I just asked the question on the 1Password forum.
Another user in that thread explained the a full local copy of all passwords are maintain in an SQLite database. So 1Password doesn't even need access to the servers to work. Given that, even if I forget to export the 1pux, my Time Machine backups and clones containing that database will allow me to recover my passwords in case of server failure. In terms of disaster recovery, I do have one remaining issue; I don't know how to install 1Password on a new machine without access to their servers.
Now that I'm mostly satisfied with the lack of vendor tie in or dependency on accessing their server, I only have one remaining complaint - I dislike the browser extension. But, 1Password 8 itself is beautiful, responsive, and really easy to use. I've only tried it on Windows though. Maybe I'm missing something in task manager, but 1Password consumes under 140 MB. It seems to add around 2 MB to the browser process when the extension is used.
So, now I'm left with a personal decision regarding subscriptions and the requirement to keep my passwords on their servers. That's not a complaint; it's just a mismatch between my desires and the product they're offering. 1Password (the company) doesn't have my passwords, they only store my encrypted data. So, I view that to be roughly as safe as my ARQ encrypted backups to various cloud servers (except that my ARQ backups would be a less enticing target). But still, there's no way to argue that keeping passwords in the cloud doesn't increase risk.
This does remind me to mention one thing in 1Password's favor; their support is beyond anything I've ever experienced. I ask a question (or complain about something), a member of the support team responds within a day. Often I get more than one support person responding, to make sure things are correctly and quickly handled. This is completely unrelated to contacting them directly, which is even better.
The support people are smart - across the board. They never seem to misunderstand my questions. Even when I'm nasty and complaining, they stay friendly and responsive. They often link to white papers, documentation, or other threads. I can't fault them in any way. 1Password has invested heavily in support.
My passwords are the most important things I have (don't tell my family). If I do leave 1Password, I will have to confirm that the same level of support is in place with the new product.