I'm not sure it's zero drop protection.
It clearly is better than a naked phone, especially for the scratches and marring that a fall can leave on an uncovered phone. It probably offers little cushioning during a large drop, but I'm not convinced any of the non-shock absorbing cases really offer significant protection from a major fall. The main issue with a fall is not a broken phone, but a marred phone in my experience. I have seen posts from users whose Veil has split in a fall, but it accomplished its function and protected the phone. A direct drop on the screen is not saved by the Veil nor others.
The Veil does what a minimal case does do well - it protects against scratches and dents and provides a layer between the object and the phone. It also keeps dirty greasy hands off the phone and provides a naked feel with some protection.