Ha! If I find the time, maybe I will write a little review up. In the meantime, I contacted support to ask about the back up and restore process, and got this reply soon after:
Thank you for your purchase and I am glad to hear you like it.
iTunes does a full backup of all application data at the end of each sync. If something were to happen to your device, when you connect the fresh device iTunes will prompt you to restore from a previous device or if you want to set it up as a new device. You would want to choose the previous device and then it would be restored to exactly the same state as it was at the last sync. This isn't anything special to mSecure so I am surprised that this didn't work for another app. I can tell you that we've tested it a number of times and it worked flawlessly.
Also, fyi, we are working on a desktop companion to mSecure that will be another source of backup. We're hoping to get it out by the end of the year.
So I wrote a quick response back to that end, saying that I would much prefer an associated desktop app that syncs back to the app as opposed to restoring a (possibly damaged) backup in the event that I went down that path. So hopefully, they'll release a decent companion app soon (and not charge an arm and a leg for it!).
Like I said, if I find myself with a little free time, I will try to compare LockBox and mSecure, as I've used them both.