An update.
I was in group A. I got my email at 12:24 EDT on November 6, 2012. I ordered around 9pm that night. The case was shipped on Nov. 7, 2012 using the free UPS Mail innovations method. I was not provided with a tracking number. On Nov. 8, I called LifeProof support that said there was a a website error that prevented them from seeing the tracking numbers but the case was shipped.
On Nov. 10, the case arrived from California to my location in Virginia via USPS.
I opened the box and performed the 1 hr waterproof test and passed. The back case was slightly warped (like a banana as previously mentioned) but conformed once the case was closed. I removed the plastic sticker/cover over the back panel circle window.
I registered the 3 serial numbers for the 1 year warranty and cleaned my phone using the included cloth. When I opened the case, the O-ring came out slightly so I had to re-seat it. I used an eye glass cleaner (which is designed to be safe on all anti reflective and coated lenses and glass) on my phone and on the case to make sure it was crystal clear and clean. The cleaner was misted on the cloth and then used to clean all clear areas of the case and phone, including the back panel.
I put the phone into the front of the case and pressed down to make sure it was firmly in, however I noticed the "rainbow" effect. A quick search shows this is caused by left over moisture (probably from my lens cleaner). I took the case and the phone to a fan for a while and then outside to a cool environment for an hour.
I installed the phone in the case again but still noted some rainbow effect, although it was much less than before. I assume that time and natural evaporation will resolve this issue over time. I snapped the back onto the case and left the bottom charge port and headphone jacks open. Since I heard so many complaints about pillow effect, I tried the FAQ solution to squeeze air out immediately. After doing this, I closed the ports and tested the phone in the case.
Results:
Pillow Effect: It can be seen at the top near the front camera/earpiece/light sensor/mic. The middle of the screen is fine. The very bottom also has a slight raise near the home button. When typing in portrait mode, pressing the space button will require more effort. Everything else seems fine.
Rainbow Effect: As mentioned, some slight rainbow-ing that I expect to go away with time. It is only noticeable on dark screens when looking at the phone on an angle.
Proximity Sensor issues: I did a test call and covered the sensor with my finger as well and raised the phone to my ear a few times. The screen cut off as expected.
Note: Pressing the End call button worked without a problem. Since it is near the bottom, it may take a slightly harder tap.
Buttons: All buttons work as they should. The mute toggle button is stiff.
Sound Quality: The case resonates on certain frequencies which lowers the quality of the playback of audio or speakerphone calls. The sound no longer comes out of the bottom ports at all; but rather seems to just come from the back panel. The volume is reduced a bit. The resonating sound is part of the case vibrating on the back panel of the phone.
Camera/LED Quality: No problems with the camera on the back or front with quality noticed. However, the lens opening on the back camera does look to me 1-2mm too small and cut some minute amount of light out of the sides.
Mics: The back microphone (in between the lens and LED light) is covered. There is only a slight "dent" there. I think this will affect some of Apple's noise cancellation or audio recording when doing video on the back camera. The same might go for the front mic. When on speakerphone, the phone turns on the front mic (located in left part of the earpiece area) to help with noise canceling. Without good feedback from the mic, echoing or improper cutouts in audio happen.
I tested Siri and Google's voice app for voice recognition and they both worked flawlessly (low noise area).
Design question: I'm not sure why there is an extra hole/window next to the front mic. This is NOT what is pictured on the lifeproof web site.
The case snaps together but there are slight variances in the width so you can tell by feel the line of where the case separates.
There is no holster for this case yet according to lifeproof support.
//Edit/Additional
It seems the cost of having a case that isn't bulky is lack of physical space to have those separate layers to really bolt the phone down or to separate the screen protector. Also the water proofing comes at a cost to audio quality. I really hope LifeProof learns from the nuud ipad cases so the new cases can remain water proof while having no (or a better) screen protector.
I'm leaving this case on because so far I don't have major problems that affect the usage of the phone. I have registered for the warranty and EXPECT to use it within the year. As time goes on, I can see refinements in manufacturing as well as a new version (just like the 4/4S case revision) that may improve upon some of the shortcomings of the case.