Yes, I use 1Password and find it invaluable. And if you follow their forums, you'll see there has been a lot of on-going changes affecting the evolving new extension. Given the Beta nature of these efforts, any new version can affect CPU performance.
My suggestion was to disable all extensions, then add them back one at a time to isolate any which may be compromising system/Safari 5.1 efficiency.
Having said that the 1Password extension doesn't seem to be the problem, as it is the only extension I run and I have this CPU usage issue with it uninstalled. Incompatible websites maybe?
If you continue to experience high CPU cycles, or excessive RAM allocation, then perhaps other 3rd party plugins may be the cause. In that case, have a look inside your Internet Plugin folder in either your main (/Library) or User Library (~/Library). The most popular would be Adobe Flash, Flip4Mac and Microsoft's Silverlight. There are others too. For any that are installed, make sure you are using the latest versions.
Also, specific to RAM, the greater the number of tabs or windows open, the higher the RAM allocation.