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I accidentally kept mine in the water once for a couple of days and it did rust. It actually left a rust spot on the glass for a few days. The razor will rust no matter what, but I don't want it rusting in the tank.
I do actually leave mine in the tank all of the time. I found that at the top of my 120 behind the moulding there is no water and no caulk to destroy. So when finished, I just run it up to the top back corner and the blade is out of the water. Again, It still gets rusty, but when it gets too rusty, I switch it out. I bought a 100 pack of blades a long time ago from lowes and I don't go through them nearly as fast as I thought I would.
My brother uses the plastic razor and leaves his in wherever he feels like it. He just changes out the blade to the metal one if he needs to scrape coralline. I'd actually like to find out where to get the plastic ones.
Yeah if you keep up on it with the plastic your good. The more often the better. Waiting for a starphire glass with an anti algae coating on it you never have to clean!