End up buying this: http://deltacycle.com/smartphone-caddy-ii. When my bike shop told me that's all they got for me for iPhone 5 I laughed and walked away from it. Because I badly needed something I came back the next day and bought it (it was only $15) with the idea that I'll continue searching for a better product.
2 month later... I love it and I have no interest in any other phone mount/holder. It holds the phone pretty well, it's easy to put the phone in and take it out and I have access to all my buttons.