A few observations on my lightly carried blue Alumni. It has a nice even edge grind and geometry and slices really well and being thin behind the edge helps a lot. It's very light at 0.7 ounces - can't beat that! The buck logo wore off really quickly and looks to be painted on. There is some of side to side blade play that could be easily fixed with a little peening of the pivot pin. Also, the rivets that hold the knife together all stand proud and have sharp edges. I think it would make for a nicer knife if the heads were rounded off at the factory. As others have mentioned, there is no place to hook a keychain ring or lanyard, but since the handles and spacer are aluminum, one could easily drill a hole.
I have no regrets buying this great little cutter. In fact, I agree that a 501 (and 503) with aluminum handles would be a good thing!