So I ordered it to be used in all the ways described. I hate carrying my purse around, so having a drawstring bag makes it convenient to just take it with me and wear it as a necklace on short trips when I don't want to lug my purse around. I keep my car key tethered so I don't need anything else when I go to get it. I also ride sport bikes, so when I don't feel like backpacking I can take my belt and car keys off and put them in my back pocket. The included strap broke after two days, but I've bought several straps that snap straight into place. If you intend to use it primarily with a lanyard, invest in a different type as the one that comes with it is junk.
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