Formerly, you needed LastPass Premium to use anything but the browser extension. It's now completely free on all platforms, opening it up to a larger audience.
I'm really happy about this as it means that I can set up an account for my dad, who only uses a tablet, and not have to pay for services he won't use.
They're both fine. Lastpass is easier to use and has a better interface and works just as well so it's the, arguably, better version. I've used both, I have both installed on all my workstations, I prefer lastpass.
Also I just renewed my subscription in July. I could had bought lunch with that 12 bucks had I know this.
Edit: looks like you still need premium for shared accounts. Since my wife and I use my account, I'd still need to buy the sub. Works for me, 12 bucks a year is nothing to cry about by any means.
I get that to an extent. If you have something -really- secret and want it hid, sure use keypass and put it on an encrypted USB stick.
But I don't really care about my amazon, newegg, tek, youtube, google, paypal etc password being on lastpass. It's hashed on their end and my lastpass password is about 45 digits long so by the time that's broken I'll probably be dead anyway. Or I had changed it.