I've had one of these bad boys for 2 - 3 years now, and I really like it.
Try turning the cigar around so it comes out of the clip pointing the same direction as the body of the device; works and feels better that way.
Construction is from machined aluminium, and while the cap is very light weight, I believe it's made from a high strength aluminium alloy; it doesn’t seem "cheap" to me at all.
$50 does seem a little pricey, but I look at the added enjoyment I now get from all my not-so-cheap cigars!
Just my 2 cents worth. Cheers!
EDIT: There's some info on the company that makes them at
http://www.manta.com/c/mtbz4f4/the-cigar-stub-co