This is the V2, which doesn't mean it's the new version of this item, it's designed to hold different types of memory cards from the V1. If you want to hold Compact Flash cards or Sony Memory Sticks, this is the one you need.
I bought two of these to keep my Sandisk CF III cards safe - I have several of them which I carry with me to feed my Nikon D700. Carrying them in their own little plastic cases was a non-starter.
The Pixel Pack is quite compact; about the size of an iPod, and has a secure press-latch to hold it closed. It's very solidly built, and I can't imagine that treading on it accidentally would damage its precious cargo, as the rubber liners touch back-to-back, making it very solid when closed.
It has 4 dual-purpose cut-outs inside, and when closed, 2 in each half come face-to-face, keeping the cards safely in place.
The case does not, unfortunately, have a positive rubber seal around its perimeter to completely exclude dust and water. This is a missed opportunity, as given the design, this would have been very easily achievable. Something for the next release, I think.
All in all, worth the purchase price, but it missed out on being perfect for the above reason. Well worth the purchase price however, for convenience alone.