Last year LastPass was the target of an alleged hacking attempt which forced them to ask users to change their passwords. Additionally, LastPass relies on browser plug-ins whereas this new service does not. With the upcoming release of Internet Explorer 10 and Windows 8 Metro, it will no longer support browser plug-ins which is a major issue.
This new service is set to be more secure than LastPass and work without any browser plug-ins or software installs. It will be more secure since your passwords are encrypted with a secure password phrase which isn't stored by the service. This means that they will be unable to see any of your passwords, not that they want to anyway.
my1login can sign users into any site with one click. Apps for iOS and Android are in the works. The new service has gained $1 million in funding which launched at the beginning of last month. They hope to go viral by allowing people who refer people to the service to get the pro version of the service. I'm not sure what the pro version offers.