I like KeyPass because the same database file can be used in my Android phone and on me PC. I don't want to use a cloud based password storage as that might be a vulnerability. I also like that KeyPass allows you to use more than just a password to protect the database, you can also have it use a keyfile. So it turns into something you know (the password) and something you have (the keyfile on a USB key). Then you just need to keep the database synchronized between the different systems you use it on. That could be a problem if you add passwords very frequently, but in my useage it has not been a problem. KeePassDroid is a nice Android version.
Cloud isn't a concern as long as your software is done right. By all accounts Lastpass has been done well. The cloud only gets an encrypted blob. Let the NSA go to town on it, not a concern. So do you manually sync your phone to PC then with your keypass DB?