I agree whole-heartedly. I wear mine around my forearm because I feel like it's more secure there, and because the strap is too long for that part of my arm, I wrap the band around the face of the phone before securing. It's not as attractive this way, but makes me feel better about the security of the phone and seems more accessible to me, walking with a two-year old and usually pushing a cart of laundry or groceries.
I do however, like this model above all others that I have used. The models with the plastic sleeve are definitely inferior to this one. I really think we're worrying over nothing; I don't think the phone will come out - but after paying $$$ for this type of phone, who wants to take chances? I don't even know what to suggest to make it better without ruining the aesthetics of the armband. This one, as is, is certainly much more attractive than its predecessors, is more functional and is a better executed design. I do wish the band was a wider, and that you could adjust it to double-up (to be worn on the forearm), or keep it longer as is for the bicep/upper arm area. I think these improvements would be great and may help the jiggle issue.
I hope that if the changes suggested are made, they do not change how well it fits the phone or any of the materials currently used. Too often, 'crap' is created when trying to improve the current design of something. The strap needs to be as long as it is to accommodate larger arms, like my uberly flabby one, but I would appreciate the option of being able to double it up and shorten (like a bra strap), so that I can wear it on my forearm without having to wrap the extra length around the phone's face plate.