For the guy that wants to go light, it looks like it might work. ...A bit pricey IMO, I got something similar a year or so ago from HS Strut, I believe, that was like $15 and is the same functional idea,...keep all your calls and essentials right in front at your fingertips.
The problem with the one I got is that the closure is magnet-based and is not very strong. It could fall open and you could lose stuff pretty easily out of it if you aren't careful. I solved that issue by sewing a snap buckle on it. Other than that, it is pretty handy.
Hopefully the design on the K&H model is a little better. It does look like it would hold more stuff than the HSS version.