Online password stores are still a single point of failure, IMO.
A solution like lastpass is great for a few reasons.
You passwords are encrypted.
LastPass uses SSL exclusively for data transfer even though the vast majority of data you're sending is already encrypted with 256-bit AES and unusable to both LastPass and any party listening in to the network traffic
Lastpass has a backup method, securely and not securely. I use not securely and rar them password protected encrypted.
WinRAR offers you the benefit of industry strength archive encryption using AES (Advanced Encryption Standard) with a key of 128 bits.
My passwords are always accessible to me whether lastpass is offline or not.