I have the Lifeproof fre for S3, and it is just as protective and waterproof as claimed. There are a few drawbacks, however. It adds quite a bit of bulk (as does any hard case), and makes the side buttons hard to push (but they don’t get used all that much). The real problem is that the totally sealed case makes the microphone weak and echo-y (is that even a word?). The work-around is to quickly pop open the charging port cover before speaking. Surprisingly, the speaker is much less affected than the mike. BTW, at $14.99 this is an excellent price, but if you’re not a tri-athlete, or a mountain climber, or a fireman, or a commercial fisherman, you probably don’t need this level of shock-, dust-, and water-proofiness, with their related annoyances.
RE Otterbox cases with the rubber… I’ve had several and the rubber stretches out - significantly. To the point where its useless and will offer no protection at all. Granted getting a replacement rubber piece wasn’t too much of a hassle, but still. After my 3rd case that stretched out in just a couple weeks I decided to ditch Otterbox completely and went with something entirely different.
At this price its worth a try. Just be warned, rubber will stretch out and the tabs tend to break off after some use.