That's what it claims to be - a durable, waterproof case. The hard plastic (?) outer shell is tapered and ribbed for greater strength than a simple square-cornered shell. The latch is strong and has a metal insert in the hinge. The watertightness is ensured by a seal made of softer plastic (?), which fits snugly into the groove on the lid when closed. The inserts are made of durable rubber material(?) and are sized to hold 1-4 CF cards and protect against drops and bumps against hard objects. The sleeve also has a small molded patch on one end that can be used with something thin to attach the sleeve to yourself or your gear. The overall size of the closed case is 3" x 5" x 7/8".
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