You certainly know your chemistry way better than I, but when I look up the volumetric heat capacity of various metals (see:
http://en.wikipedia.org/wiki/Heat_capacity) it looks like aluminum, while not the best, is in the ballpark and justified by cost and ease of machining. People that need to do a little filing of the ears to get a perfect fit in the machine will be glad that it's aluminum as well.
Not having a handle could be viewed as a plus - makes it easier to store the thing in a space-limited fridge or freezer.
I've used two group cooldown gadgets: One is a stock portafilter I keep in my freezer (I always use a bottomless to pull shots) and the other is a cheap (5 bucks) flexible re-usable cold pack that I also keep in the freezer. The PF doesnt work very well at all, but the cold pack works great - I wrap it around the group and hold it tight, and it can drop the group temp 10 degrees in less than a minute.
I'm sure the OE 3rd shot is way better than the cold brass PF, and would have one advantage over the cold pack - you could lock it in and go back to grinding and dosing your next shot. I may decide to go for it.