While we wait for 3.0 I suggest you upgrade your keychain to the Agile Keychain format which features stronger encryption, allows for file based syncing 1 and much more.
Another thing you can do is get 2 or upgrade 3 1Password touch which have just been upgraded to version 2.0.
This is a huge upgrade which finally brings full support for Wallet Items to the iPhone in addition to faster and more reliable syncs. 1Password is one of my most used applications and I can hardly wait for version 3.0.
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Which means that you can do backups with rsync or [Dropbox](https://www.getdropbox.com/referrals/NTE3MDY1MTk ↩︎
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1Password touch is free until June 5. 2009 ↩︎
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Be sure to upgrade the desktop version first and sync your iPhone before upgrading your iPhone ↩︎