This thing is genious and for £2.80 with free delivery, it's even better.
The only two problems I've had with this product is it's quite long and I wear my guitar quite high, so I took a few stabs to the neck from it. Simple solution....... cut it in half and round off the rough edges. Doing this lets you hold around 3 picks.
The other problem is I use Jazz III picks and when they are pushed into the grove they almost dissapear, but it's better than raking in your pocket or on the floor if you drop it.