1. The password generator is a little difficult to get at, but can be accessed in the Keychain Access application.

2. I don't think it works across multiple browsers. This seems to be the main advantage of 1Passwd.

3. Syncs with MobileMe, or you can just backup your keychains.

4. Safari can autofill nearly any form.

5. Multiple logins are stored. If you start typing the first few letters of the username it will autofill the correct data.