They make two different Ruger peep sights. Regular and Ghost Ring. The subject title is "Ghost ring" so I'm assuming the OP is referring to that one, if so your criticisms are off base. It basically looks like an XS with wings.
You can check them out here: http://www.newenglandcustomgun.com/gun_services/Peep_Sights.asp

Regular
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Ghost Ring
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