What does the software or service do well? We've been using TeamPassword for years, and it has severed us well. It's reliable, easy to use, and fairly priced. It's basically built for you to get it up and running almost immediately.
What does the software or service not do well? Overall, I think the UI could use some upgrades, but as a general password manager, it's great.
What do you wish you had known about the software or service before using? I think it can use an upgrade in UI and in general organization of the passwords (liek folders, tags, etc). I comment on their website about it, and they do from time to time implement community based changes.
Have you used a competitor to the software or service? If so, how does it compare? I use 1Password personally, but I don't like it as a business password manager. Team password is much easier to use since it's accessible as a web app and with a Google Chrome extension. 1Password requires a lot of setup, and TeamPassword beats it for ease of use.