Git integration is nice because:

- You never ever lose anything. Updated the wrong password? No problem, just `git reset`

- Having everything in it's own file let's you merge changes made on different machines (I use this all the time, I'm not keeping every machine always up-to-date). If everything's in a single file, any change would result in a hard to resolve merge conflict.

- All the other git goodness, including file history (e.g. when was the last time I changed this password), mutliple users (e.g. a shared family store), and more

While some of these are debatable and git isn't really made for binary data, I still think it's a very good fit.