This is very different to what the article is talking about, since it encrypts your passwords, but the article talks about hashing which is one-way.
[1] http://help.agilebits.com/1Password3/agile_keychain_design.h...
When is this not the case?
I would love to see research about the use of keys and passphrases. Especially, do people who have a key then chose a weaker master password?