My wife and I are very happy with our black bumpers. As usual with just about any Apple product, there are a few annoyances seemingly there to test your resolve, but the product has more polish than any other bumper type case I know of. The feel is great. The quality is very high. The embedded buttons are a nice touch. For us, it's the perfect balance of minimalist and reasonable level of protection and "grippability". I feel a whole lot more confident handling my phone with this on than with the phone bare. It's just the right amount of grip around the top and bottom edges, and with smooth sides for easy pocketability.
In my opinion this will provide reasonably good drop protection. Like many, I believe drop survivability is very much a circumstantial thing - it all depends on how it is dropped, how it lands, what it lands on, and perhaps even some details about the assembly of that particular unit. In other words, if you drop it naked, the odds are fairly high for some bad damage, and if you put the bumper on, odds are reduced but not zero.
On the other side of the coin, the restrictive ports for headphones and dock cables are a real annoyance. Unless you use purely Apple accessories only, you will likely have compatibility problems. If you are a bit resourceful, you will find inexpensive or free solutions though. I do have a lot of aftermarket stuff, so here's what I did:
For my Griffin Power Block, which has incompatible cables, I found these Apple cables online for $5 each.
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=150460486970&ssPageName=ADME:L:OU:US:1123
I just received them today. They DO fit. I have yet to test them for sync reliability but will do so tonight. They do look used but in good condition. They also appear to be genuine Apple cables, with the proper text stamped on the wire and so forth. For $5 each, I can't complain, and I can get enough to replace all my third party cables. Obviously if you have a 3rd party charger where the cable is hard-wired into the power block, no dice, but if it's like Griffin with the separate USB cable, you can just swap it out.
For headphones, I got three of these for $3 each.
http://www.amazon.com/Belkin-Headph...2?ie=UTF8&s=electronics&qid=1278706876&sr=8-2
They also fit fine and work pretty good, except a few times I've had to twist it around a little to get a good connection. Might just need to clean the ends. Again, at this price I can get one for each non-compliant headphone and just keep it attached, so I don't have to carry adapters around separately.
My case is a tad loose, my wife's fits tightly. I may return mine for a new one, or I might line the inside with double-sided scotch tape as someone suggested, which apparently works very well.