Since this accessory is so cheap, I suppose I can't complain about it too much. When it gets to the stage of falling apart, just buy a new one!
It worked pretty well at first. It fitted my iPod closely so it didn't slip about or fall out. Although it has a plastic cover to protect the control, this is thin enough so that you can still operate the slide control and buttons on the ipod itself. It's made of soft rubbery material so you can fasten it quite tight without it cutting into your skin or rubbing too much as you move. After a couple of months of 5 times a week all round gym use it did start to stretch to the point where the ipod started to slip about so I binned it, but as I said before, it's cheap so this isn't a disaster.
A couple of niggles: the colour is very pale; not as bright pink as it appears in images and you do need to be careful that you do it up quite tight and make sure you fasten it firmly for the velcro to stick. Overall, it's not a bad piece of kit but if you exercise a lot you will need to replace it fairly frequently.