I bought two of these cases before the 3G release and got them same day. I can't post pics now, but I'll post some later on today when I get home. In shorts, its like a rubber skin that wraps around the phone. It covers the most of the buttons. The bottom of the phone, where the speakers and connector are, is totally open. The camera and headphone slot are also open everything else is covered. It has a nice feel and doesn't feel like it may slip out of my hand. As far as protection goes, it'll protect you from scratches on the back and chrome area, but the apple logo is left open. For drops I wouldn't say it offers much protection. I would say opt for a hard shell with protective cushioning inside if drops are a concern.
For 12 bucks, its not too bad. I think it should be a few bucks less, maybe 8 or 12 with a screen protector.