2d UPDATE:

They fixed the strap!!!!!!  [August 2013]

It is now a great length, just right, you can wear it on your shoulder or even cross over for greater security.

These guys listen.  So kudos to the company, they are really paying attention.

I did have to buy a second one, but for the cost, it was not that bad, and I do have a heavy wallet--so it's not as if everyone would be expected to have this problem.  If they can only put a little reinforcement where the strap attaches to the body of the wallet, they will be perfect.  I really could not find anything else that combines all these features and the look.  It should be a best-seller.

Not that another version with an external pocket for a phone would not be a good idea ;)  But they should add to the price, otherwise, they will have to decrease quality elsewhere.  A small increase would not be too much.

Guys, I know you're listening!

UPDATE, 1 year later:

Maybe I was prescient in giving a caveat for durability: just like another reviewer noted, the strap clip tears off the wallet, exposing sponge and plastic underneath.  The seams do not withstand the weight the wallet is capable of.  Shame.

Original review:

Buxton, please note:  this wallet nears perfection, but the strap is for a 12 year old.  It not only sits next to your waist, you cannot cross it over for safety and the length means it does not sit securely on your shoulder.

The only other thing missing is an external pouch for your cell.

Otherwise it has all the great features of the Merona wallet that is now discontinued by Target and more: more card slots, an internal key ring, you get a pen that fits, check book slot plus sleeves for money etc, a zippered purse, enough room to store your mini reading glasses, plus it has two external sleeves you can keep your starbucks card or other things you access regularly.  And one zippered external pocket.

The price is great at $18, the chocolate brown is a nice, warm tone, the quality of the 'leather' is great, does not look like the cheap pvc which it is.

Cannot comment on durability yet, but I am returning the chocolate to get the black one so that I can use the older strap from my Target wallet instead...

What a pity, I loved the brown...