rizla your point is valid, password managers are not bulletproof, but the alternative for me before I started using them was I was using one of 3 memorable passwords on sites, and I had the same password for yahoo and msn email and since both had the same username when my yahoo got hacked the same pereson clearly thought he would try the same on hotmail which worked, lesson learned at that point.
With keeppass you can lock it in itself so needs a passphrase and optionally also a keyfile to unlock, so I utilise both of those. The passphrase for keeppass is not stored anywhere but my head and its not a word in the dictionary, just a combination of letters and numbers I have managed to remember luckily.
so whilst they not bulletproof they better than someone using something like a maiden name on everything.