This case is a very good fit for the FZ45, is reasonably well padded and should be waterproof.
Reports of dreadful smell etc. are either grossly exaggerated or the design has been improved - there is an unpleasant odour if you stick your nose inside it, but why would you? The storage pouch is not waterproof (it's a mesh) or very secure (no top fastening), but is OK for keeping a spare battery and SD card if they're in a box. Generally, the fittings such as strap clips, zips and belt loop seem a little fragile and would need gentle treatment.
For the money it's not at all bad.
Update, 16 March 2011
As feared, the zip tabs are extremely fragile, ridiculously so for their intended purpose. The first time I had to tug on one with any (still fairly gentle) force it broke - it's just a thin fragile plastic for goodness sake! No doubt the other will go the same way...I've put a key ring in its place, which works, but I suspect the attachment on the zip fastener will go next. You gets what you pay for I guess...
Update April 2012
Pleased to say that it is surviving weekly outings with no further damage. A few minor improvements in the materials and design would make it a great buy. As it is, fine for the money if you are careful with it.
Update March 2013
Pleased to say that it's still wearing well - I have changed to a Nikon P510 camera and it's a snug fit for that too.
I'm upgrading this case to 4 stars.