[pfranz]

It's about risks and exposure. If it was reasonable for people to have randomly generated, unique, memorable, passwords for every account (also change them periodically and after database "leaks"), then we wouldn't have a need for password managers.

Odds are, people compromise on many or all of those things (even smart or meticulous ones). What you sacrifice with a password manager is a single point of failure. Although, that's a bit dire, generally (and arduously) you could reset those passwords one-by-one if you lost your master password and/or database.

What I like though is that the exposure of your master password is controlled by you and limited between your keyboard and the application (and the various few things in between; the OS, perhaps RAM, etc). This is usually a lot more narrow than the path your passwords usually take (your browser, http, their server). Because it's a single password (and I'm not limited to a site's stupid max character or other constraints), I can make it as obnoxiously long as I'd like--and I don't have to try 3 or 4 obnoxiously long passwords because I can't remember if I typed the wrong one or if I typoed the right one until I get locked out of that website.

Like I alluded to earlier, I also like knowing how long ago I changed my password, what it used to be (in case my db is updated and I didn't quite change my password like I thought I did), unsecure or duplicate passwords (as I migrate them over), or if there has been a database compromise on their end and I though update my password. I'm kind of surprised nobody has released features to automatically change passwords on specific sites.