I bought this holster in early August'07 and overall, it's an awesome unit for my Pearl. I wear it so that the holster is upside-down and so is the phone (clip goes on the belt from underneath). it makes it easier to take the phone out as I just use my index finger to push down on the clip.
about a month after I got it and used it every day on my belt, the swivel started to lose "grip" and progressively wore down. I took it back to the store in T.O. where I bought it but I didn't have my stinkin' receipt so they couldn't do anything for me I still use it but the swivel is very loose now and I'm just waiting for the day when it pops off with my phone...
(there's also a tiny bit of wear from the clip on the top/back of the phone. better there than on the screen, I think!)
overall, this holster is great but I'm not too confident on the design of the swivel. has there been a redesign of that or if I get another one will it lead to the same failure?