I love how it's clear on the back so you could easily take this to a con/sporting event and security could easily your check your bag.

It fits an iphone, and a small wallet. The plastic can stretch though, and it's thick, meaning it's essentially waterproof.
To make it an itabag, you'd have to attach a cardboard cutout w/fabric inside the bag facing the clear side (as there is no inner pocket). Then you could attach your straps/keychains to the cardboard, while the bag still protects your items. Win Win!