Ok just installed mine. Even with the teardrop cut out, my flash isn't affected. I took before and after shots and they look basically identical.
It looks good over the Wrapsol Ultra (and the bumper still fits with both...and I didn't have a loose bumper to begin with), and I like knowing that the Apple logo is protected from scratches too. I also like that I have the extra drop protection under the black skin.
The adhesive on the back of this thing means BUSINESS! It sticks like crazy, so an error in positioning, is a pain! I started trying to position with the camera and then work down to the apple logo and had to peel the top centimeter or so up twice. Both times I did this it was really tough to pull back up and it completely pulled up half of my Wrapsol Ultra skin, so I had to squeegee it back down and then try to reposition the SGP skin guard.
Once I finally got it down and put my bumper back on, I realized it was shifted about 1 mm to the right so there was a sliver of glass (Wrapsol) shining through on the left side. That kind of annoyed me, so I've been messing with it and have been able to shift it back over by just using my hands to push it across the phone. Not really easy to do, but you can move it ever so slightly. My guess, however, is that I'm actually just moving the Wrapsol skin under the SGP skin, but nonetheless it did the trick and I am happier with how it looks more even now!