According to the numismedia website the 1950-S dime has more value in MS and above grades than the 1949-S. I guess this makes the 1950-S the "new key".
I think the key is not necessarily which coin is the most valuable in the highest grade, but which has the highest value across the board -- generally because of the lowest mintage/fewest available. Call me crazy, but I still think the 49-s is more of a key than the 50-s.