Howdy Doody,
I bought a Nike waist band pouch from the local Nike Factory Outlet. Holds my phone, has a outlet for head phones, plastic clip (no velcro), fully adjustable, zip-up pocket for keys/money etc.
I guess it's the model before this, what with it being from the outlet and all. Got mine for £8, so if you can get to an outlet, they're worth it!
Also, I've read that armbands, may not be the best thing for blood flow, but that could just be internet scaremongering...
Wyn