Dear Bungle,
If you aren't going to allow people to collect multiple times from an Ether Chest, why is the Ether Key on a timer?
It reminds me of the loot chests that are out of bounds so you have to die to collect from them. Or the ones so buried in the architecture they can't be reached. Or the ones that are just graphics that aren't even interactive. Or the one on that ledge in the Divide that can only be reached with a running jump from a slippery slope, with two trees in the way, a chest perched on a wall next to a cliff so that if you jump a little too far you die.
It is my considered opinion that someone involved in your game design is a sadist.
Missing out on Ether Chests makes me not want to even do the bounties. In fact it makes me want to confine my patrols to completely different areas. In fact it lessens my desire to play the game at all.
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Btw the one in the Divide can be reached by double jumping from the ground with Warlock or Titan class very easily (without death). It's meant to be a bonus reward to add some excitement and now with only one loot, you can generally find it in the time and stand next to it to alert everyone else.