Details are light on how it works, but we assume you'd log in once to your password manager then get access to all apps that support Open YOLO (gawd that name). Such a system would be more convenient and secure for the average user, as many managers require strong passwords and protect you from reuse attacks. (That's assuming, of course, that nobody hacks YOLO or the password manager itself.)
Dashlane said that while the project is starting with Android, it could eventually hit other platforms and operating systems. Neither Google nor other password managers like LastPass have chimed in, but we expect we'll find out more once they do.