It's gotten to the point that the average person needs to remember dozens of passwords for various sites. You can't use the same password for everything because one could be hacked, compromising all of them, and even if that's not an issue, every site has different password strength requirements. This approach lets you use a very complex password for each site without making you memorize it. I just wish there were an Android version.
Android is in the plans. The main reason I started with iOS was that I had access to the devices.
That's great to hear! Let me know if you need someone to test with android. My wife was excited when I told her about the app...her current solution is a big Google doc with all of her important passwords!
The idea is to let users maintain a portable database of very strong passwords. Since the credentials are transfered when the QR code is scanned the user doesn't need to remember or enter a complex password. It also eliminates worries about keyloggers since no information is typed.