Looks to clunky to me.
Now if they came out with an armor series I would get one right away, Pre-Order if possible. But I wont hold my breath, they made one for the original iPhone then discontinued it and never made one for the iphone 3g or 3gs.
How had can it be to make a waterproof case? If I was a case manufacturer that is what I'd be making. People are waiting for them, willing to pay a lot more for them, and you would have no competition. The only waterproof type things you can get for iphones/iPads are those water proof bags or one of those waterproof arm straps they sell for iPhones to listen to music while you swim.