According to the documentation, instead of remembering a password, you have to remember per website : site-name (was it .com or .co.uk? did you put the TLD at the end?), site-counter and site-template. That is not much better than remembering a password.
I do not understand the purpose of the site-counter : if it is incremented, your password breaks every time, so this should be a constant value. If it is a constant, it does not add any security. Update: as mentioned in a comment (thanks), it could be used to update a website password when needed. The same effect could be achieved as efficiently by appending a digit to the website name (that's in theory a tiny bit less secure), so it looks like over-engineering to me.