The bag has 6 slots/pouches with the inside flap making a 7th.  While the iPhone will fit in 6, I wouldn't put it in the upper inside zipper flap, so let's say there's 5 iPhone options.  I have some fear the new iPhone 5 coming out in a week might find less options or be more snug making it harder to get in/out?  If I remember, I'll edit/add to my review on this.  Bag appears well made and more attractive than I anticipated.

My only change would be to put the D-rings more toward the edges.  Also I'm hoping to de-bulk my keychain a bit as bulky keychains inside the front expansion pocket might make the flap protrude unattractively and/or now allow the magnet clasp to close or close with ease.  If I need to carry more things on my keychain, I'll likely clip them to the bag.  Currently my keychain consists of:  Streamlight Nano (love!), Fox 40 Micro whistle (will downsize to 4Sevens Titanium), Swiss-Tech Utili-key, house key, car key, car fob - on a Nite Ize #2 s-biner. Once I tweak the rings down in size and replace the whistle, it'll fit perfectly.  But as of now, it still closes fine with the iPhone/cash/cards in it to where it still looks nice.  :)

I love how it doubles as a wallet to toss in a larger bag.  This is BEYOND perfect.  This is one of the best purchases I've made in a long while.