The stainless steel version is $30. Aluminum lights have significant advantages -- they're lighter, less expensive, and dissipate heat better. But the anodizing gets banged up and scratched when kept on my keyring.

I found one guy to make me a custom leather keyring sheath for a flashlight but he's out of that business and it wasn't a great solution. Keyring lights need to be stainless steel or (preferably) titanium so that they don't look awful after a few weeks of carry.