Cross-posting what I said in the other forum thread about the same topic:
Update: I opened a support ticket about this. Although Lastpass was annoyingly vague in their response, I got the impression that generated passwords never save to the vault anymore, even if they end up "unmatched" to a website. Which, of course, is the whole reason one needs them saved -- when Lastpass generates the password but misses the "password created/changed" event and you end up with a changed password that you have no record of. However they did inform me of something that in a million years I would have never noticed: in the Generate Password dialog there is a little arrow key that will show recently generated passwords. I'm pretty sure that these don't go to the cloud and only survive until the browser quits. But better than nothing. Screenshot of what I'm talking about: http://oi64.tinypic.com/25sudte.jpg
Ugh, I don't get why they got rid of saving these to the vault. Anyone from Lastpass listening?