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Keys aren't going up in value, the metal used to purchase them is going down in value, due to the increased amount of people playing TF2 (Therefore more weapons, more metal) and people with hundreds of idle alts using VMs like Sandboxie.
Me, I don't buy into promos/keys/metal etc. why? Because it gives almost no cosmetic value, and I prefer to trade my items for other items instead of for promos, then items again.
I have to disagree, the price for Keys is going up, not the value of metal down. The recent runaway price of keys cannot be explained with so many more people playing TF2 in such a short period of time. If it was true that metal is being devalued, why then do the items we trade for metal not jump in prices in the same way Keys do?
Keys are a commodity and are pretty much down to Supply and Demand (and arguably speculation, hoarding)
And if you drastically increase the supply of one good ("real black and white paint"), where demand roughly stays the same, the price of that good, and what it's competing with ("old b/w paint"), will rapidly decline. Why should anything else ("the paint market") be affected?