The software connects to their servers to report anonymous usage statistics, and despite their apparently decent reputation I wouldn't feel comfortable with it. Then again, I don't trust my passwords or other personal information to electronic managers period...I type them in manually every time, making sure my computer is clean and the connection is secure before hand.
I would continue using the old program if it still suits your needs, but otherwise I would check out Roboform. Their website looks a little cheesy, but they are highly recommended, including by dozens of major news and technology sites/groups as well as the Better Business Bureau.
John
After installing IE 7, I selected one of the enhancements (Billeo Password Keeper.) However, it appears necessary to establish an online link to Billeo in order to run the program. I don't feel comfortable with a possible link to my password from their site. They say all passwords are stored ONLY on the users computer. Anyone using this program have any comments about the security of it.
I'm using the old Cnet Password Pro 32 from '98 and it's getting a little long in the tooth. I would like to update it to one that has no links to an online site.

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