That would be not as bad as him knowing your passwords, but still inconvenient.
Some background: I wrote this to scratch my own itch. I have really secure passwords, and different ones for every site I use. I keep those in a Truecrypt container, which is stored on my Dropbox.
That's secure, but it's not convenient. I simply can't securely access my passwords while on the road, e.g. from a friends computer or from my iPhone. I would always have to install Truecrypt and get the image file from Dropbox etc.
I wanted something with a true zero setup. I can still back up the passwords to my Dropbox Truecrypt image once per week.