I did so good with my 4S and only bought an Element Case accessory case for $9. I haven't done so well with the 5.
Here are some pictures of the Hard Graft Wallet, Adimaa Wallet (Etsy) and the SFBags Wallet. I switch off using each since I can't decide which one I like the best. In each one I put my driver's license, 2 credit cards, AAA card and my medical insurance card.
Hard Graft Wallet: Really nice quality. The leather and felt are thick and soft. It is super easy to remove cards from the felt pocket. I spread them out with some towards the left side and some middle and some to the right. It is just a wide open space. I haven't placed a card in the left leather slot. When you close the wallet it has a real tight snug feel to it. I like using the wallet wide open as a placemat while using the iPhone at a table or desk. No cons with this wallet.
Adimaa Wallet: Also, really nice quality. I chose over the similar Brussardo because I like the dark gray color of the buttons on the Adimaa wallet. The leather is thinner than the Hard Graft but just as soft. The wallet pockets are nice and large so you can hide your cards from view. The spacing of the female buttons is exactly the distance to fit your credit cards in between. To snap the buttons it takes just a gentle press with a finger. Not so easy to unsnap, you have to place your index finger in-between on one side and your thumb on the other. Not a problem, but different from closing. When you close this wallet it has a loser feel to it when compared to the Hard Graft, but the iPhone is nice and secure. I also us this as a placemat. No cons with this wallet.
SFBags Wallet: I really like this wallet and having the ability to see what is coming through on phone while still inside is nice. You can even use the phone while it is inside the wallet. The area to hold your cards is by far the best of these three. There are two spacious card slots and an open area for cash. The only thing that bothers me with this wallet is the plastic front sticks to the iPhone screen when I remove from my pocket. I didn't take a photo of this but it sticks in spots, so it looks like as if a screen protector is on the screen with a ton of air bubbles. I just unzip and lift the plastic and re-zip.
Any questions just let me know. The pics are so-so. I tried to get artsy to compete with some of the other photos posted here, but went a little too far. If you want to see a new photo of anything in particular, just ask for it.