I've had this case for a couple months now.
I've owned the Apple bumper, Speck HD Pixelskin, Otterbox Commuter and Defender, all for my iPhone 4.
This case is NOT floppy. Oakley's Unobtanium material is just about the perfect material for an iphone case. More rigid than you might expect. Great protection. Perfect grip. Awesome fit - the case holds tight on the phone and doesn't surround much of the screen. Overall size over the phone is absolutely perfect, not too bulky and comfortable to talk with.
I'm obviously a case snob and this case is where I stopped. Sure, I'd rather have the back completey covered to resist some lint and whatnot, but it doesn't get too dirty between the lines. Besides, all you have to do is pull the case off (which is quite easy compared to some - Otterbox for instance) for a minute and slide the naked phone into your front pocket for a quick clean.
Oh, and judging from online pics, this same model will likely fit the Verizon version of the iPhone 4 because of the large opening for the mute switch. Which, by the way, is nice because you don't have to cram your fingers into a tiny cutout like the Apple bumper.