Last year when I bought my iPhone 4, I found a nice Griffin Reveal Etch case for it that has been on my phone since. It's got black silicone sides and a carbon-fiber-looking hard back. I liked the hard back to protect my back glass. Over the year+ that I've had the Griffin case, the silicone sides have lost their grip and the case was getting real loose on my phone. So I went looking for a new case, since the Griffin Reveal Etch is no longer available.
My friends all have Otterbox Defenders, and I know it protects the phone but I don't go for the 'commando look' personally, and it's just too big and bulky for me, and I'd never wear my phone on my belt. Last week I bought an Otterbox Commuter for iPhone 4 at Best Buy, and it seemed to be a pretty good compromise. Then I noticed that the camera and flash surround had two small holes for each of those devices, and on my sample the holes in the hard case just didn't line up with my camera lens and flash very well. Not good. So I took it back. Then did some research on Otterbox website and found the newer style with a large oval cutout for the camera/flash. I found one today at the AT&T store.
I'm very happy with this case, though it's overpriced, like all phone cases (wish I'd bought it on Amazon for $14 less). It's supposedly made for the iPhone 4s, but of course the phones are virtually identical and I liked the larger cutout for the camera/flash. Unlike the previous generation of the Commuter, the newer one does not come with a stick-on screen protector (the Economy strikes again.....we get the same product (but less) for the same price). Basically the Commuter has two pieces - a floppy silicone shell that surrounds the phone, and a harder shell that fits snugly over that one. It fits well and looks good.
I have only one complaint with all the Otterbox iPhone covers, and that is the giant hole to reveal/showcase the chrome Apple logo on the back of the phone. I buy and like Apple products, but I do NOT enjoy being a walking advertisement for them. I wish Otterbox would offer a case with just a blank back with no logo cutout. I solved this problem when I bought a set of XtremeMac screen protectors (which are very nice). They come with a nice black glass cleaning cloth, and after I put on the screen protectors, I cut out a hunk of the cloth and sandwiched it between my Otterbox hard case and silicone liner, so that when you look in the 'hole' in the back, you just see a nice black cloth pattern instead of a gaudy logo. Problem solved, and NO visible advertising.
Highly recommend the Otterbox Commuter (I like the price of the Reflex case better, but I liked the hard-surround of the commuter). But if I'd have found a similar case with a carbon-look back and no logo cutout, I'd have bought it. For me, that's the difference between 4 and 5 stars.
Update 11/28 - Thankfully, I did find the Griffin Reveal Etch on Griffin's website, and they've apparently updated it for the 4s. Ordered one and it's now happily on my phone - and covers that loud Apple logo... ;)
Saved the Otterbox as a backup.