Going by the "several ways to start a fire" theory, I recently bought a "Light My Fire" firesteel. I have never used one, but it threw an impressive stream of sparks when I tried it, and it makes me feel better to have another method of firestarting.
Have you tried to make fire with it yet? Throwing sparks is easy, but for the untrained it can be hard to turn those sparks in to a flame. Don't count on it as a secundary fire starter, if you haven't made any fires with it.
i usually just keep mine firesteel in mine little bag, with mine other tools. Haven't suffered any corrosion in the many years i had it. I do occasionally wipe it down with some oil.