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I have in front of me a brand new Schlage Everest 29 mortise cylinder.
Here is a youtube video where I go over the lock. The only difference between this lock and the current Everest is the keyway. I do like the larger bow on the keys. The hold in the end of the blank serves no function, it is simply a result of how they had to mill the key for the new keyway.
Enjoy!

Sweet. Looks cool.I was wondering what the little hole was for, guess nothin. Selim said the modular cylinders were junky when they came out. But I guess it lets Schlage have less parts to manufacture.

This guy on ebay has them for $60 if anyone REALLY wants one: http://www.ebay.com/itm/Schlage-Everest-29-Mortise-Cylinder-Oil-Rubbed-Bronze-New-/321032581355

nice video jeff. the Everest 29 is the new stock keyway for Schlage commercial locks it cost no more than a " C " keyway.

mac, just more parts to ratlle loose. My maine concern was the cheap pot metal cams, i thought they would get bittle in the cold temps. that we get here.

But when that was brought up to our ir rep he said they were made from a special alloy, good question ,, next.

and the new 29 blanks are gurenteed for life

Nice. Pick it !

Xeo, the bottom of the keyway is VERY tight compared to the C123 and I do not have a pick small enough to fit in there.