Ranked in these QuestionsQuestion Ranking
Pro Completely offline
This does not save or synch with any server; no connection to any external server. There is no central server to hack, no network connection to sniff.
Password Safe has a portable versiona, PasswordSafe2Go.
There is also PasswordSafe for U3 (still supported, but no longer available).
Pro Great user interface on Mac and iOS
Since the passwordSafe is essentially an open standard multiple people can use to develop apps. The http://pwsafe.info/ apps for Mac and iOS are really excellent (paid) management options.
Pro Anyone can verify the code since the software is open source
Anyone can review the code.
Con Backups needed
You have to be diligent with your backups. You have to be careful when synching copies across your devices.
Con No official browser integration
No browser plugins available.