It is back in the new version, yes. But not anymore with the deprecated API from Dropbox. When you were a user of 1Password v3, they made that very transparent and also wrote[1] about it on their blog.

Also note that 1Password needs you to sync via Dropbox for secondary vaults.

1. http://blog.agilebits.com/2013/08/08/1password-3-dropbox-syn...