I got mine and also think it's OK. I'll keep it, but I'm not as happy as I'd hoped (threw the "packaging" away, so it's moot anyways according to their policy).
No problems with the knees on my hybrid Trek FX 7.3, but getting the phone in and out is a bear. I have to unhook the velcro on the front / top to allow the top flap enough room to swing open. For me, a hinge on the side or back would have been better, instead of right up against the stem. I would also like to have some rigidity to the sides of the bag to keep it from squishing down. I absolutely would not be able to get the phone out in time to answer a call, and getting it out to take a pic would be too annoying. I keep a tube, multi tool, tire tools, and a my house key in mine, with room to spare.
Seeing the phone can be difficult due to the loose fitting top plastic, which is the same reason the phone is hard to use in the plastic as well.
The bag rests in a place that I think would leave the phone in a safe place if I were to drop the bike. I do like being able to see the phone while riding because I leave RunKeeper running to track my time & distance. I can't easily hit the top lock to lock the phone though, so I gotta leave the screen on the entire time but the Runkeeper folks say locking the phone gives better GPS tracking. Would like to be able to unlock the phone, view the screen, and lock it again.
So, slightly disappointed in the product overall. Works a bit better than having the phone in the saddle bag.
The Bento box looks neat. If iBikepak and them made a product together, I bet it'd kick ass