Good point...
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here's my rig... it's an older belt clip from my old G3 phone but with the bungie it still works :) (use the bungie either way.) the case is actually a "Body Armor" brand case which is the exact same thing as Otter box units but only cost 5 bucks on Amazon or Fleabay, and I've even interchanged the cases and outer skins between the 2 (actually I think that is my true Otterbox hard plastic with the orange Body Armor rubber skin)
the belt clip I snapped off the stock plastic one as the thing is friggin WAY to big and thick and makes the thing stick out and bobble around, just screwed a regular tape measure one on there and poof, sweet as can be, even clicks and stays in place when turned... works WAY better than the plastic crappy one that comes on it.
easy to get to if needed, don't even notice it there when riding, safe if in a acct/crash.. open and well exposed for sat and cell signals.. just really can't think of a better setup to ride with a phone, Iphone or Droid or even a regular GPS