There are a number of SRS clones already produced for the iPhone in the store (Mnemosyne, I understand, works fine on OS X); there's also a Mnemosyne clone in early development for the iPhone.
That makes some sense. The key would fit more comfortably on the ring, but it would also probably make the construction even weaker and more likely to break off in a lock. I'm not sure which is better.
It would also prevent it from fitting into the normal key machining tools, meaning that you couldn't just take a blank to a locksmith and ask them to make you a copy of the key.