I really like it, it's just getting too close to new iPhone now for me to invest in any expensive cases. I'm sure they'll bring out a version for the newly designed iPhone though.
Upon further investigation, I discovered this case isn't fully waterproofed. It's more "water resistant" ATM. That could change I suppose, but I found this info on their kick starter page.
Regardless, I love the way this case looks! Great idea IMO.