Watershed does one thing and they do it VERY well and that is dry bags. Their latest addition to their product lineup is the Clutch, a tri fold case for small electronics. It uses a waterproof Tizip (good to two atmospheres) to close a large pocket.
It features clear pockets for both ID and smart phone. You can actually use your smart phone while it safely stowed within the waterproof case. Additionally there is an external wallet section for quick access to your cash.