Well I have had some more time to do some "real world" testing around town and here are my observations vs. the Elementcase Vapor 4:
-GPS is actually worse on the Alumacase. I say this with a caveat, however. That is that the Alumacase is better in sitting still situations. Once you start moving, GPS goes crazy.Vapor gives you a bigger diameter of forgiveness, but it is consistent, especially when on the move. I don't know how, but it appears the Vapor can lock the GPS signal and hold it better than the Alumacase can.
-WiFi - I have noticed that the Alumacase reduces the distance a little more than the Vapor does. I lose one bar of WiFi signal faster than the Vapor. Does this affect me? No. But if you were sitting far away from the WiFi source, it could definitely be a nuisance.
-Reception - This is where I was surprised. Alumacase went into searching mode in a lot more places with sketchy signal than my Vapor ever has. Where I could hold a bar with Vapor, I was stuck in searching. I know signal isn't consistent, but the Alumacase was searching quite a bit yesterday where my Vapor never has.
-Functionality - I'm torn on this. I can access the power button, and pretty much without problem. I just don't like having to smush my finger down in the hole to hit the little bitty sleep button. I think it'd be great to include a button similar to the Vapor's. If Alumacase is worried about cost, even a black plastic one wouldn't hurt my feelings.
-Fit - I know I previously said you can align the case pretty well with some effort, and you can. However, after a couple days use, the screws lose that initial bite and the case slips back inwards and becomes uneven. I don't see any way to avoid this without adding loctite to the screw or something similar. I might suggest using a pin/hole type design at the two pieces to help them align better, which would allow the screws just to be used for attaching the pieces.
I'm going to try to modify the case to see if I can approve upon the signal issues any and if I can I will definitely keep it. Otherwise, hello eBay. I think that the case has potential and I can certainly see some ways to improve upon the existing design without compromising it too much.
Hopefully, Alumacase goes back to address these issues in a new design or updated design to the original.