If it were down to the conductivity of metals as the primary factor for use in flashlights, we would make high-end flashlights out of silver, like they do for high-end audio cables. Considering the price of some of those lights, that would probably decrease the cost... Besides the price, silver is very soft, very heavy, and tarnishes quickly when handled (but I guess people are ok with that on copper, so...).
I think brass is good for smaller lights (AAA to 1x cr123), but I think for larger lights, aluminium is still hands-down the best material of choice because if its combination of weight, thermal/electrical property's, and corrosion resistance. Brass will always have to be plated or coated to prevent oxidation, and is far heavier then Alu. It is also a bit heavier then steel, which I think many dont realize.
I like the combination of Aluminium bodies together with solid brass heat sinks, due to their greater thermal mass. Malkoff comes to mind.