I've had my Mighty Wallet for 3 years now, and it's never torn or developed any damage.  It holds all my crap nicely, has accidentally gone through the washer and dryer, gets tossed into backpacks and dropped in the sand.  So, I got this one for my roommate, and he loves it. It has enough pockets to work with nicely and doesn't unfold very easily.

The only issue I have had with it is that because the material is very slippery, if you carry it in a tight back pocket the motions of walking may cause it to slide up and fall out.  It just doesn't have the friction to keep it within the pocket.  To me, this is a minor issue and easily dealt with (by carrying it in a front pocket or in a bag), but it's a good thing to know.