Oakleaf - Here is a little Demo on the Jimi wallet. I agree their website is a little bare bones, I got to play with mine at the LBS first. http://thejimi.com/wallet/demo.php

It is not thick enough for a phone, I carry my phone in a baggie although many of my teammates have a sleeve for their Iphones that is fairly interesting. The Jimi is splashproof, sweat proof and snaps fairly tight. I think it would leak if completely submerged because it doesn't have a seal between the two parts that open. The clip is removable if you don't want to use it. I used to have a little cloth wallet and after every ride it was disgusting feeling. For under $15 it was worth a shot, I like it. Think there could be improvements such as tighter seal, maybe a slightly thicker model, plastic is thick but I have seen thicker. Overall I think for the cost and function it is a pretty nice little wallet.