Interesting, I've been using LastPass for quite a while now (mainly cos of convenience) and recently I've heard that they've been acquired by a private firm. I'm planning to switch to a better alternative, perhaps I'll try what you suggested in the next few days when I get the time.
Edit:
Whats looks interesting is that it uses git, how secure is it if you decide to synchronize your gpg encrypted passwords with something like github? Does it leak data or personally identifiable information?