I much prefer Wallet. 1password had too much extra stuff for my needs. I just want to save / edit / view / sync my passwords. I don't need all the browser plugins and other tomfoolery.
I'm very surprised nobody has mentioned Wallet by Acrylic. It has a beautiful UI and is very slick with syncing all my iDevices via Dropbox or iCloud. I would definitely recommend checking it out.
To be completely honest. Niether. I prefer to use Wallet. Been using it since ver.1.0. They've made some very sweet changes for ver3.2 with no bugs that I've found. Syncs flawlessly with iDevices via 3G or wifi, mobile me, or dropbox. Offers a clean, universal interface throughout all your devices and also plugins for firefox, chrome, and safari to automatically input passwords. Even an option for the menu bar, and to add files such as pdfs, docs, or photos to any entry, if you so desire. Highly recommended, hope this helps.