The iPhone 4/4s have a stainless steel (non oxidizing iron/chromium alloy) band around the phone. The white iPhone 5 is made of 100% non-anodized aluminum. But, since Aluminum is reactive with oxygen in the air, a clear coat od Aluminum oxide forms on the Aluminum surface. Because Al does not expand when it oxidizes, it creates a clear protective layer of oxide that prevents further corrosion of the aluminum. This natural protective coating is called anodization. In chemical anodization such as the black iPhone 5, a pigment is added to the aluminum, and thought the anodizing process the aluminum "holds" on to each individual pigment particle. This allows light to reflect off both the pigment and aluminum giving you that nice anodized look the iPods and iPhones have rather than slapping on some pain that covers up the metals beauty. These scratches on anodized aluminum is more noticible since only the anodized aluminum layer is only 5-15nm thick. If you scratch the white iPhone, a new clear oxide layer will form and protect the aluminum from further corrosion.
Aluminum is also very fatigue and impact absorbing material. It can withstand many many fatigue stresses put on it.
Yes raw aluminum does form a light layer of aluminum oxide when exposed to air, but I do think the white model is chemically anodized aswell to increase thickness and improve uniformity, unsure if dye is added (silver) or if its natural color.