The 2nd generation iPocketWallets are out. I ordered a new one. I love the one I got last August, but it's days are numbered. They are more expensive than they used to be. Oh well, they look pretty swank. I can't wait to try the new one out.
So to answer your phone you have to take out your wallet? Not exactly the best of options if you live in New York.
No. There is a hole in the top, allowing for headphone access. Good thing too, as it is not just New York that the iPhone speakers are not inadequate for.