This application generates passwords using secure hashes and a combination of entropy sources. Its a simple, easy to use tool with basic account password lookup and hash regeneration. No passwords are actually stored locally - only the entropy sources, making theft and reverse engineering slightly more difficult.
This application does not use iOS keychain, which is a great and secure alternative. This application was made primarily because (a) password reuse is bad, (b) keychain should not be used for every password in existence IMHO, and sometimes (c) having a password that is not stored, but rather regenerated negates somewhat the possibility of password theft.
Obviously, even though this is a multiple entropy secure hash based password generator, its not fully secure. Secure passwords should (a) never be stored in a copy paste buffer as this does, (b) never be written down anywhere at any time as this can do, and (c) never be reverse engineerable as this could be with sufficient time.
That being said, in approach I feel better about this than a common password storage mechanism because (a) not all sources of entropy are available at once on the disk, (b) theft of password is only possible from memory post generation.
This tool does not try to guess or categorize your sites, so you can enter their names in as partially or cryptically as you like, further complicating any reverse engineering attempt.