I’ve tried a few cases for my iPhone 4 and since it came out have been using Zagg invisibleSHIELD together with a “holster” that attaches to my belt. This is the same holster I used with the iPhone 3G and 3GS. The Zagg product is rubbish. Not only is it a beast to put on, but it peals easily and discolours. Currently the only part that I’m still using is the screen protector and I’m about to take that off because it makes the touch sensitivity much less sensitive, and this is particularly noticeable when typing. Ironically, the cheap clones of invisibleSHIELD are much better for a fraction of the price.
So I wanted to find some means of protection the iPhone 4 without adding to its bulk so that it could still slip into the holster. The various soft cases are too thick and don’t work with the holster. However, the new Macally METROCP4 case that is not very flexible is very thin and does work with the holster. As you can see from the picture, it is crystal clear with a tacky Macally logo on the back (but it looks like it will rub off with use thankfully). If there is anything on the phone like moisture, grease, etc. it will remain inside the case as you can also see.
It doesn't exactly offer full protection - the top and bottom surfaces are still exposed probably to make insertion, extraction and manufacturing easier. No doubt if you drop it, these are the areas that would get scratched...
At $30 is it worth it? For my specific use case it is - certainly better than that Zagg stuff.