I have one. Bought it in part because I have a Waterfield Laptop case that wears like iron and is super functional.
Some cautions. Thejacket is VERY tight fitting. Though I've tried and tried I can't get it to stretch enough to make it very usable with my Seidio case. In other words, I can get it on and off but only with much pulling and hauling. Without the case, the phone slips in and out of the case perfectly. Tight but easily extracted.
However, and this is IMPORTANT, Waterfield will custom manufacture a pouch to your precise specifications. You just have to send them the exact measurements. Not sure what the price would be, but I suspect it would be reasonable, especially if you have a widely sold case like the Seidio that they could then market.
I haven't done so out of laziness and the fact that the pouch needs to be only about 2-3 mm wider and thicker than the generic case, I think. Didn't want to purchase another pouch when other accessories beckoned.
One other note. Waterfield sells a "gear bag" for the iPhone that will work quite well for the Droid. You can check it out on their website if you're interested in a case that allows you to carry a few accessories like a bluetooth headset, charging cable, etc. along with the Droid. I sent them a note a few weeks ago suggesting that they market it for the Droid as well since Droid owners might be hesitant to purchase something designed for the iPod.
Finally, Waterfield products are, in general, pricey. But as noted above, their stuff wears like iron. My 3 y/o laptop bag has been beaten and abused and still looks brand new. And the customer service is top notch.