With the release of Apple’s new smartphone this Fall, a lot of consumers have found themselves looking for a new case. It’s not that the handset’s design changed drastically, but the re-positioning of its mute and volume buttons rendered many old cases useless.

If you’re still in the market for a new iPhone case, TUAW has a good suggestion for you: the iPhone Wallet by Waterfield Designs. The accessory doubles as both an iPhone case and a wallet, leaving you with one less thing to carry…

The case is essentially a zip-up wallet with multiple card pockets and—you guessed it—a spot for your iPhone. The handset can be accessed through a touchable plastic window, allowing you to run the device without having to remove it from the zipped pouch.

[tube]http://www.youtube.com/watch?v=VEBfiQsADvU[/tube]

TUAW‘s TJ Luoma says that the case is extremely well made, but it does have its caveats. For example, it’s fairly bulky, and if you plan on keeping a bumper on your iPhone the problem gets worse. “This isn’t a wallet for slipping into the back pocket of your skinny jeans.”

Although there are other wallet-case combo options, the iPhone Wallet makes a compelling case. And at $41 shipped, it’s nearly $30 cheaper than Twelve South’s BookBook cover. If you’re interested, you can pick one up from Waterfield Design’s online store.

What do you think of the iPhone Wallet?