showing the key itself isn't inherently bad because it holds no real meaning, but showing the means to obtain access to an item is bad.
for instance say you had an online store that sold stuff from 2 merchants. Merchant A had items (1, 3, 5, 7) and Merchant B has items (2, 4, 5, 8).
If I am shopping on Merchant A's site and see:
http://server/viewitem.aspx?id=1
I could then try to fiddle with it and type:
http://server/viewitem.aspx?id=2
That might let me access an item that I shouldn't be accessing since I am shopping with Merchant A and not B. In general allowing users to fiddle with stuff like that can lead to security problems. Another brief example is employees that can look at their personal information (id=382) but they type in someone else id to go directly to someone else profile.
Now, having said that.. this is not bad as long as security checks are built into the system that check to make sure people are doing what they are supposed to (ex: not shopping with another merchant or not viewing another employee).
One mechanism is to store information in sessions, but some do not like that. I am not a web programmer so I will not go into that :)
The main thing is to make sure the system is secure. Never trust data that came back from the user.