For the price, it's pretty good. I think other reviewers had mentioned an odor, but I didn't smell it.
Id do agree that it's waterproof, but I sure wish the pockets on sides were shielded, so if it was pouring, which it is sometimes, and I was on my bike, which I am most times, I wouldn't feel comfortable putting my phone in the side pocket because water could get in. If there was a flap over the zippers, I'd give it five stars.