Recs.
Updated
SpecsUpdate
Pros
Pro Multifactor authentication
LastPass offers multiple multifactor authentication options, including Google Authenticator, Grid Multifactor Authentication, Microsoft Authenticator App, Toopher Authentication, Duo Security Authentication, Transakt Authentication, Sesame Multifactor Authentication, Smart Card Authentication and Yubikey Multifactor Authentication.
Pro Seamless autofill and password generator via plugins for all popular browsers
All common browsers, including Opera, have plugins that allow automatically filling in forms and generating passwords. All form fill information syncs across all platforms, devices and browsers. Password generator can be adjusted to use or exclude certain characters and patterns.
Pro Fingerprint verification
Some fingerprint readers, like TouchID on iOS, Samsung, Sony Xperia, or LG Mobile devices, can be set up to be used to access LastPass instead of a master password.
Pro Clean and intuitive UI
Since version 3.0 the LastPass interface is clean and easy to navigate on all platforms.
Pro Offers multiple export options
LastPass can dump the whole database as a .csv file or an encrypted file that can then be decrypted using LastPass Pocket as well as separately export Wi-Fi passwords and autofill information. Additional export options are available on a per-browser basis.
Pro Works with portable versions of Chrome and Firefox
Firefox 2+ on Windows, Mac & Linux as well as Chrome 4+ on Windows and Linux support a portable version of LastPass. Great for securely accessing LastPass Vault from public or untrusted computers.
Pro Works on Linux
LastPass alongside KeePassX are the only cloud-syncing password managers that work on Linux.
Pro Does not require a standalone app
While many password managers require a standalone app to be installed on the system, LastPass does not and can function via browser plugins.
Pro Military grade encryption
Lastpass has 256-bit AES encryption implemented in C++ and JavaScript with one-way salted hashes.
Pro Allows downloading an encrypted database backup that can only be decrypted with LastPass Pocket
LastPass Pocket is a standalone personal database decrypter. It's a portable executable, meaning it does not need to be installed, that is used to decrypt a local encrypted copy of the password database.
Cons
Con Forced cloud backup
The is no way to opt-out of saving all of passwords on LastPass servers.
Con Has been hacked before
And becomes extra bad as you are forced to have everything at one central cloud place.
Con Recently doubled annual subscription rates
This applies even if you're a re-subscribing customer.
Con History of bad support for the company behind LastPass
You never know how much you will pay for it because LogMeIn did the same with Hamachi product. Support will be bad.
Con Very bad UX for sharing passwords with other people (in free version)
When on lastpass.com you update the contents of a password file, it gets updated only on your side, not on the side of people it is shared with (and the UI does not tell you anything about this).
Also, when you want to share a password file with someone, they often have trouble accessing it (bugs in registration or acceptation of the shared document).
Con No longer free
Least expensive plan is $2/month. Formerly, the lowest paid tier allowed sharing with family members. Now there's a family plan for $4/month.
Con When generating passwords, LastPass tends to put the wrong info in forms
For forms with both an email address and username, LastPass tends to mix up and overwrite information.
Con Mobile apps are not intuitive
There are large differences between iOS and Android; as well as from the base desktop and cloud interfaces. Option A doesn’t correspond to the same thing across platforms. Functions have different names on different platforms, and under different settings.
Recommendations
Comments
Flagged Pros + Cons
Con The service has security issues
On Jun 15, 2015 LastPass issued a statement that attackers gained access to their system and got their hands on hashed master passwords.
Con Support is miserable
The Firefox extension was broken for a long time and it was ignored by the devs. Mobile support is also pretty bad. They've been unresponsive to individual users (read the FAQs, canned answers, etc.) I'm sure that corporate support is good.
Out of Date Pros + Cons
Pro Has a free tier and a cheap premium tier
LastPass offers a free tier. The paid tier ($1/mo) adds unlimited use of LastPass mobile apps, more multifactor authentication options, ad-free and priority assistance and tools for locked-down computers.
Con Mobile apps are available for premium users only
Only premium subscribers can access its iOS, Android, Windows, and BlackBerry mobile apps.
Pro Integrates well with XMarks
XMarks and LastPass are developed by a developer who offers discounts on annual subs for both apps.
Pro Offers their own browser on iOS
LastPass offers a browser for iOS with LastPass functionality specifically to circumvent the lack of plugin support on Safari.