Master Password is different: it is based on an ingenious password generation algorithm that guarantees your passwords can never be lost.
While password managers generally save your passwords in an encrypted vault or upload them to the cloud for safe-keeping, they make you dependant on syncing, backups or Internet access.
Master Password has none of these downsides. Its passwords aren't stored: they are generated on-demand from your name, the site and your master password; even on a brand-new iPhone.
Coming up with good passwords is hard. Remembering them, even harder. Passwords deter and distract us from what we really want to do.
Master Password gives you secure passwords to use, and the assurances that you cannot lose them. Now you can stop worrying about how to make your new account secure, forget about passwords, and get on with what you wanted to get done in the first place.
Moreover, unlike other password solutions, your passwords are ubiquitous and always available from anywhere but also never leave your device. They are not saved in the cloud or a vault, which means there's no risk of government tracking or trusting cloud providers.
Contrary to other password solutions, Master Password doesn't need to send your passwords over the network to make them ubiquitously available.
Master Password does however integrate iCloud, allowing you to keep the site names you've used in-sync across your devices.
This gives you all the conveniences of sync with none of the reliability downsides.
Master Password comes with a variety of built-in password types. These types make your site's password look different, become more secure or more compatible with a site's password policy.
The default password is a great balance between security, compatibility and convenience. It is designed to provide great entropy (security) whilst still being easy to manually enter or remember if needed.
You can generate a more secure password, or switch it to a PIN type to use for your bank card or cell phone's SIM lock.