How do I setup 1Password on a second machine to use a shared Agile Keychain file in Dropbox?

Question

This should be so straightforward but it's not working for me. I've followed Agile Bit's help guide for setting up a new Mac but it's not working.

I have 1Password installed on one machine. It's completely populated with passwords and a master password on the agile keychain as been set. The keychain is stored in ~/Dropbox. The Dropbox sync occurred and I can see the same keychain file on my other Mac. MD5 checksums match on the files.

When I go to setup 1Password on the new Mac I have two choices when I first run it:

1. I am a new user
2. I have already used 1Password

If I take choice 2 I get a file finder window. I navigate to ~/Dropbox and select my agile keychain file. 1Password flashes a loading dialog window and then...nothing. It doesn't show me the Master Login window. Command 0 doesn't bring up the window. I can go to 1Password -> Unlock... and it will give me a small dialog window asking for the Master Password, but the password I used for that agile keychain gets rejected. I just keep getting recycled back to enter password dialog box.

If I take choice 1 I get the option to find information from a previous install. Again, I navigated to that agile keychain in ~/Dropbox. Again, 1Password does some quick loading and then...nothing. Same story as above.

Both of those actions above could conform to what the Agile Bit's documentation says for setting up a new machine and using an existing, sync'ed agile keychain. Neither of them work.

I hesitate to fill out a new profile on the new machine because I don't want to over write my existing agile keychain file and all the passwords in it.

How exactly am I supposed to setup this second machine with the shared agile keychain?