1. No case - I love the naked iPhone 5 design. Perhaps it will be more comfortable with a leather case like what I had for my iPhone 4:
http://www.spigen.com/cell-phone/ap...phone-5-case-genuine-leather-grip-series.html. However I am just a drop on the concrete away from that perfect look. But then again I could always put a case on afterward.
2. A case like Lifeproof - My phone is well protected, but I wonder if it's like wrapping your couch in plastic. Yes, if I have a leaky roof, no otherwise. If I were a whitewater raft guide then definitely.
3. Then there are things in between like screen protector and back protector, bumper, thin shell that cover the back with or without lips for face down protection. All of these things offer some level of protection. Most detract from the look of the naked iPhone. Some may add a level of comfort (soft grip, thickness if you find the phone to thin to hold comfortably).
4. Then there are cases like Twig cases which in my opinion looks really good, add comfort to the phone, provide pretty good protection, all at the cost of additional bulk which may not be a bad thing considering the iPhone 5 is quite thin.
The more I think about it, #4 may give me the best bang for the buck(not just the cost, but the pro and cons of having a case). If I were to use a case, I may incline to get something that adds some character to the phone as well as giving it some protection and making more comfortable. So a leather shell or a Twig case is more likely my thing.