If you like titanium and feel it's "worth" the markup, fine - that's your privilege. But, it's pretty rude of you to arrogantly dismiss my remarks as "non-points". For your information, titanium has on average 1/10th the heat conductivity of aluminum. How can you say that's not an issue? If heat can't effectively conduct to the outside of a device to dissipate it gets hotter. The rest of your remarks are nothing but a statement of personal preference. From a purely functional point of view there is nothing that special about titanium to justify it over steel - especially at such a premium.
These non-points have been brought up in the forums more times than anyone would probably care to guess.
Titanium is very durable, looks good with wear, conducts heat very well if the light is designed to have an output appropriate for the mass of the light itself and when looking at the diameter and contact surfaces of the flashlight, conductance is another complete non-issue.
Polished steel is something different from titanium, and while preferable for some, not a winner with others and the positive aspects of titanium completely justify its usage in high quality lights.