It uses gpg to encrypt passwords that are then stored locally, but can be synced using Dropbox, rsync, unison, etc. It is a command line program, so it doesn't have things like browser integration, but on a mac, a little Automator magic alleviates most of that pain. Besides, after trying 1password, lastpass, and a few others, the browser integration was usually a source of frustration instead of convenience.
For my setup, I have a keyboard combo mapped to an Automator action that gets the current URL from Safari, passes it to a shell script that strips out the hostname, then uses pass to copy the password to the clipboard for 45 seconds. Then, I use another script to have a notification pop up with my username in case I've forgotten it. So I press "cmd+\", then a second later I have my password in the clipboard and my username showing on a temporary desktop notification.
I'm also using pass to store bank credentials, software keys, and other things. I also have it set up to use a different gpg key to keep a journal. It has turned out to be a very versatile and reliable piece of software.