[rrdharan]

Right - I don't want 1Password to handle syncing and I don't want Dropbox handling / offering decryption of the encrypted store.

I trust the local 1Password apps enough to supply them my master password to unlock vaults locally.

I trust Dropbox enough to not sync the encrypted store somewhere I don't want it ending up.

It's a separation of concerns argument. I likely won't hold up to any targeted attack on my personal property given how careless I am with local devices but I should be somewhat protected against a your typical dragnet / mass attack against either service remotely.