I was a bit suspicious, what with it being so cheap, but opted for this case for my Kindle as I didn't want something that added to the weight when reading (you can't really read the Kindle when it's in this case - the elastic strap would get in the way), but did want something solid to protect it when it was in a bag, or a pocket or generally lying around.
The case is solid - the sides are stiff, almost as stiff as the cover of a hardback book - and the outer covering is hard-wearing; sort of like cordura. The inside is soft and fits the Kindle snugly. There's also an elasticated mesh pocket on the opposite side to where the Kindle slots in. Not sure what this is for, but there's enough room for a couple of passports and tickets I discovered.
It would no doubt shrug off splashes - much more so than a 'flap cover/case' option, but wouldn't cope with being fully submerged. It probably floats, but I'm not about to test that one!
So... I wouldn't recommend this if you're looking for something to protect your Kindle while you're reading it, but I can't fault it as a travelling case. There's not much cheaper out there - and it certainly doesn't look cheap.
I LOVE MY KINDLE!!! (simple things...)