Yes, that's great. Love that it can flatten out when not in use; I like that it's low and light; love that it can hold different sized bottles (or other items); I like that it can be clipped to a belt or used as a molle while not being too bulky to just toss in a pocket when you're in a hurry and need to get on and go. If you save every ounce, this is your water carrier. It even works really well for those military style bean bottles - even with the bottle's own insulating coating! He has one task: to securely tie a thing of an acceptable size to a person. It has no other storage pockets, it has no complicated straps that dangle or make noise. It doesn't have a shoulder strap, but it would be easy enough to attach something to it. Haven't used it in the field yet but seems solid enough. For the price it couldn't be better. I'll probably take another one. The only thing I would warn you about is that if you have a good titanium bottle that you want to protect a bit from dents, you may need something that offers full coverage. It gets pretty picky as this holder still covers 20 oz. The bottles are pretty good, and chances are you won't just throw them at rocks and such, but those titanium bottles can get really expensive. So this is your call.
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