I went to open 1Password which I have syncing with my iPhone via the Dropbox option and I'm getting the "First time splash window" that asks me to create a new or open an existing keychain. I choose the "Open Existing Keychain" option and use the folder selector to my dropbox folder and I get a message.
1Password has encountered a problem.
"C:\filepath here to dropbox\1Password.agilekeychain" is not an Agile Keychain
Dropbox is probably busy syncing your Keychain. Please wait.
Dropbox isn't syncing and there is a folder name.