Personally I prefer a spot, although not many lights are a true spot (the Inova X1 being a good example of a true spot). I've never used one of the old Arc lights (I have two new ones on Pre-order), but I do EDC a Gerber Infinity Ultra occasionally. Dim area lighting is OK, but not as useful for navigating...lights like the Glo-Toob are more designed to help others see
you rather than lighting your own way. It depends on what kind of light you want.
Anyway, one thing you should really consider too is the battery used. The Glo-Toob uses an odd battery. Regardless of how long the runtime is, eventually you'll need to replace the battery. Personal lights like the Arc often use easy to replace batteries.
Some popular keychain light brands are
Photon,
Peak and
Arc which has started up again and is shipping a newer version of the Arc AAA. My current personal favourite is the
Princeton Tec Impulse which was previously known as the Eclipse 2.
Do you intend to carry this light on your keys or is it going to be in a pocket? A have a few lights which I rotate around for my backup EDC. My current favourite is the Nuwai 0.5w 1AAA, I clip it to my pocket instead of carrying it on my keys. The 0.5w series doesn't feature a way to attatch them to keys, but I prefer pocket carry anyways. Other popular lights for EDC like the Gerber/CMG Infinity Ultra are similarly too big for keychain lights but are suitable for clipping to a pocket or carrying inside a pocket.