I was looking for something that would both protect my iPhone and allow me to reduce the amount of things I carry around in my pocket. This fit the bill perfectly! I had a TuneWallet for my iPod touch, and this is an excellent replacement. I love the fact that when I walk out the door with my phone, I'm also taking along my drivers license, credit card, and cash. I don't think you'd be able to carry a huge wad of bills in this, but, since I don't usually have a lot of cash on me, it wasn't a problem.
At first I was concerned because the cover wouldn't fully close, and I really had to struggle to get my iPhone out of the case. I've had it for about a week now, and the leather has stretched out enough that neither of these problems are problems anymore. The magnetic clasp holds everything together securely.
In my opinion, this is an excellent product. You would do well to purchase it if you're looking to simplify your life just a little bit.