I'm in two minds about this one...
First of all, the good. The case is clearly well made of sturdy rucksack-type material, a rubber base wrapping around the bottom, and a zip looping around most of the front. A concealed pocket at the back holds a thin rain cover which comes around the bottom then over the top of the case, protecting it from showers (it doesn't cover the whole case, just the front though) and as the cover is attached to the pocket you won't lose it. A long but thin shoulder strap is provided, two clips fastening it to the rubbery loops on the sides of the case. Inside, the bright orange interior is padded and is just about big enough for my Panasonic Lumix TZ8 (Lowepro themselves recommend this case for the TZ8 on their website), and a second pocket - a bit of a tight squeeze with the camera inside the other - has a covered pocket for a memory card and a mesh pouch for a battery. There is also a velcro belt loop on the back, so you can attach the case to your belt if you wish and don't have to take your belt off to thread it through.
Now the bad. With the camera inside the case is just a bit too bulky for my liking. I only keep the camera in mine, so don't have spare batteries or cards, but whilst the TZ8 is reasonably pocketable on its own the case is just a bit too fat and round, which is a huge disappointment. I don't want to attach the case to my belt, and the shoulder strap seems a bit silly for a small case like this, so for me the size is a bit of an issue and I'm already considering buying another case for regular use - maybe something more like a laptop sleeve. At the moment I'm thinking about using this case for storing the camera and for when it is in my bag going on holiday more than using it when I'm out.
All in all it is a well-made case, but the bulk spoils it for me. A shame.
UPDATE: I've just been away for a few days and took the camera to try out, along with the case. I found the case too chunky to carry in my hand and as my girlfriend wouldn't let me fasten it to my belt (she said if I did that she'd walk ten paces behind me!) I had to resort to using the strap. If I wore it over one shoulder I was told it looked like a handbag, so I ended up wearing the strap across my chest, like a satchel, the case hanging by my waist. It wasn't too bad but I was constantly having to shove it out of the way as it kept moving round towards my front, and I found myself spending a lot of time with the camera in my hand and the case hanging behind my back. Still on the lookout for a sleeve-type case instead, so my star rating for the case remains unchanged.
UPDATE 2 (19/5/2011): Still feel that the LowePro bag is a bit bulky - if I put it in my pocket it looks like I'm carrying a big orange or a toilet roll! - and after seeking the opinions of others they all agree that the case is nice, well made, but a bit chunky. I have bought a Crumpler Messenger Boy 90 case (not available from Amazon, but look online for Crumpler's website and you'll find it) and it is much better. Still waterproof and lined with microfibre stuff, but this case is a lot thinner, exactly the right size for my Lumix TZ8 (no room for an extra battery, but a spare memory card may be OK) and is much more pocketable, or even suitable to be carried in one hand. It also has a detachable neck strap and a belt loop. Price? £[]. I'll still use the LowePro bag for some occasions but for more day to day use the Crumpler case seems better, and will also be more suitable for taking out at night when I'm on holiday. Hope this has all been helpful.