I plaited the parachord myself, using a knot I found referenced a while back in this forum. I am pleased with the result. It acts as a fob for the entire key ring. It is cut in 2 lengths because that is what the knot requires. I read here that 1m is about the most useful length if it has to be cut. I've never actually used the chord, though.
I've done the same thing, the knot is called a "box braid". I picked about the same length, mostly because that makes about the right size key fob. Actually, it's possible to braid it with 1 piece of paracord, but it takes a lot of untangling every couple plaits, and it will take the same amount of untangling when un-braiding it. It was a fun exercise, but I won't do it again.
My wife didn't want one made out of olive paracord, and didn't like the blaze orange one either. But she really liked the one made out of both! Obviously, there's no way to do THAT with one piece.