[Low|Med|Hi] + [Key] + [Initials] + [Number]
Low|Med|High = One of three keys based on how sensitive the site is. High: banking / work / email, Low: I don't trust the site, Med: other.
Key = Random string that only I know, with the most important accounts having a unique string
Initials = Initials of site name based on domain name + TLD, with the initials moved up x letters (for example, capitalone.com -> COC -> DPD)
Number = One of three random sets of numbers I use. Sometimes I forget which number I use for each site, but I can figure it out after a few incorrect attempts.
This means a unique password for every site generated by a system that only I know with no central storage except my brain.
What is wrong with this? What would be the advantage to using 1Password / LastPass over this?