We use the command-line implementation http://sourceforge.net/projects/pwsafe integrated revision control. It has a 2-way merge feature, which makes it mostly usable with revision control, even though it's a little more tedious than necessary, since you have to manually accept or reject individual changes. For a while I've wanted to implement 3-way merge so that most merges can be automatic but I will probably never get around to doing so.
The downside of the CLI pwsafe is that it supports only v2 PasswordSafe databases which fortunately works with most other interfaces but lacks some features. The other downside (especially in comparison with a GPG-encrypted file) is the lack of an agent, which regrettably means that very often terminal access is done by 'pwsafe --exportdb | less'.
There is also at least one Android app that can read the database file format: https://play.google.com/store/apps/details?id=com.jefftharris.passwdsafe
This is the best solution that I've found.