The Commuter series from OtterBox is one many people like. It offers the protection we are used to from the company and you don't have to spend much money to get one. The iPhone 5 version of the Commuter brings much of the design we saw on the iPhone 4S version, but with changes to accommodate the taller iPhone 5.
OtterBox Commuter for iPhone 4S (left) | for iPhone 5 (right)
The Commuter features an interior rubber layer that protects from drops and the occasional bumps and this layer is protected with a hard shell. At first sight the new Commuter looks pretty much the same as the previous one designed for the iPhone 4S, but if you look closely you can see the differences.
The camera hole on the back is now wider than the 4S version; not round anymore. The bottom of the case is fairly different as it has to protect the relocated headphone jack, new speaker and microphone and the new Lightning connector.
My experience with it has been very positive. Something very important for me is protection, but I want that protection to be present without too much added weight. Personally I don't like to use cases because it hides the design of my iPhone, but if I'm going to use a case, then it has to be thin and it can't add much weight, without sacrificing protection.
The Commuter meets my requirements of being light and not that bulky.
If you are looking for good protection without sacrificing weight and not having a bulky case, with the addition of not being expensive, then the Commuter is a great choice.
You can get more information regarding colors, price and availability in OtterBox's website.