[tzs]

> Con 1: You can't use any password you want (for whatever reason, be it stupid password security requirements, your boss gave you a password to use, you're not allowed to change something, the list goes on)

It does cover that:

   My boss gave me this password to use...

   Master Password's generated passwords only work if
   you use the password generated for you. You cannot
   use a password somebody else gave you.

   Only - you can: Master Password implements a hybrid
   solution, allowing you to save custom passwords in the
   app. They are AES encrypted with your master key, but
   like all vault-based password managers, are not immune
   to loss if you ever lose your phone and backups..

Of course that introduces a vault and presumably a need to sync if you want to access that password from multiple computers or mobile devices.