Which one did you order?You might look here: http://www.saddlebackleather.com/Classic-Gadget-Sleeve.html?sc=8&category=1290
I just ordered one.
I have several bags from Waterfield and can vouch that they're well made. The only one I didn't care for was the suede sleeve. Pretty pricey for a piece of stitched cloth.SFBags/Waterfield's iPhone Wallet is a pouch and per their description it says it will fit the iPhone with or without the bumper.
They also have their "Smartcase", but that is only partly leather and can choose the iPhone w/bumper option.