I've used PasswordMaker in the past which uses the same concept but recently moved away from it. Changing passwords is a pain as you now have to remember special parameters for certain pages. Even worse, in case of a compromise of your master password, you're toast. The same is true when losing your password manager database + credentials, but at least you will have a list of all your compromised records which you would have to keep separate in this case.

I've moved to KeeWeb since then + CPK for Chrome and Keepass2Android on my phone and couldn't be happier.