For me, the new service is actually a regression because it’s less private. I trust the folks at Smile, but as a matter of policy I don’t like to give apps network access without good reason. Before, TextExpander could run without network access, it would sync via Dropbox, and I could see all the data in the Dropbox folder. Now, you need to log into an account just to launch the app, and the app itself uploads all of your snippets to a server, which is not encrypted, even if you don’t want to sync with any other devices. Smile says that no keystroke data is uploaded, however. Furthermore, the app isn’t sandboxed (because Apple does not offer the right entitlement), so in addition to having access to everything I type it can also access every file on the Mac.
This is a pretty comprehensive overview of the situation with TextExpander 6. My biggest concern, as a user, is the privacy implications of my stuff sitting on Smile’s servers in what sounds like an unencrypted fashion. I don’t like that one bit.