Found an option for those of you looking for a sleeve type holder to put your Droid in. It's a "Just Wireless" brand generic cell phone holder that I found at Target today for $15.
Barcode: 7 05954 12295 1 (I don't think you need the 7 or the 1)
I can say the case is pretty snug after just having bought it. A month down the road, who knows.
The case covers the phone pretty well but the corners of the phone do stick out a little. It's not going to provide perfect fall protection, but should keep the screen intact. What phone over a month old doesn't have scratched corners?
The belt clip does swivel so you could have the phone in a horizontal or vertical position. Although horizontal belt placement might be asking the phone to fall out. The material feels similar to leather and slightly padded but does not look like leather (which I appreciate). It's basically two leather pieces (front and back) with elastic bands connecting the 2 pieces on the sides and bottom. The interior of the case feels like felt.
There are NO magnets. Thought I'd never find a generic case that didn't use magnetic closures.
I'll try to post pros/cons later after I get some use.
What everyone wants, pictures: