The elimination of the ejector pins should be no big deal. S&W did it quite a few years ago and I haven't heard any real complaints over it. In fact, I have a S&W M649 (pre-lock, chambered in .357 but with MIM parts) that has the "keyed" extractor star. Never a problem with alignment when using it. Provided there isn't excessive rotational play in the ejector star (so that the ejector star cannot turn far enough to get out of alignment with the "keyed" cylinder), should be a non-issue. If it saves Ruger money and machine time and keeps prices down without sacrificing quality, I'm all for it.
As for MIM, I wouldn't have bought the M649 had I known about the MIM innards. I didn't know and bought it. It has served admirably for 14 or 15 years now, even though it went to semi-retired status after I bought my SP101. Never a problem with the MIM parts, either. In fact, the MIM parts seemed to be a LOT smoother, with better surface finishing/polishing, than the innards on a well-used S&W M66-2 that I used to won. Even after the M66 saw a LOT of use, the M649 still seemed a little smoother than the M66. I don't know about long-term reliability or breakage, but "good" MIM seems to be at least decent.
Bub