* Requirements of character sets used on different services. One upper case, two special characters, and 18 octothorps required.
* Differing rotation schedules. ___ Bank forces me to rotate every 6 months but _____ Work account forces me to rotate every 12
* Similarly, the ability to rotate a password after a breach of it or of a service
There are some other features of password managers (that I like to have but aren't deal breakers) that aren't supportable statelessly:
* A way to store the username you used, or even a way to look up "do I have an account on ____ service?" so you can know if it needs rotating after a breach of the site
* A way to list all known accounts, so that they can be rotated after a breach of the master DB (or master "sentence" in this case) or even just periodically
Solving any one of these problems requires a secure place to store state, but once you have a secure place to store state you can just store the passwords themselves.
I'd recommend very strongly against a system like this because it strongly discourages proper rotation hygiene