Well my friend and I just got our pouches in the mail today, and I got to admit that they are pretty awesome!
I chose to get a White-Gray
Multi Pouch (he got the compact one; hopefully he'll post his impressions on that), and I've got to say it was exactly what I was looking for. I was expecting it to be big and bulky, but it was actually smaller. I guess those online pictures make it look bigger than usual. Anyway, the case is split into two pockets: one side completely devoted to the Lite, and the other for the accessories. The Lite fits perfectly snug in the pocket, and the flap covers the exposed area of the side of the Lite; preventing it from falling out and stuff like that. The other pocket is intended for accessories (which actually has two separate sides). One side contains the following: 1 pocket for an extra stylus, 2 DS game slots (which can hold 2 each, for a total of 4 DS games altogether). The opposite side has a net pocket, where you can place various things (even the DS Lite charger; though I think you can probably fit a lot more DS games if you chose not to place the charger there). I chose to put the charger in the net pocket, since the main reason I chose this was to have my charger with me wherever I went. At first I thought it wouldn't fit, but if you use a twisty tie to roll up the excess cord (like how it was tied when you opened your DS Lite box) it fits perfectly; just make sure the adapter goes at the bottom of the net pocket with the cord following it.
It also has a strap that will wrap around the shoulder of your backpack straps, as well as a metal clip to help it cling onto things. It has enough cushion as to protect your handheld and accessories. Overall, I think it's the best pouch out right now (although some would disagree). But for me, as long as it could hold the charger and a couple games, it does the job. It doesn't hurt to look sexy as well

!
As for the
Compact Pouch, I didn't get to take a good look at it, but it definately fits in your pocket pants; front or back (unless you wear tight jeans or something). It looks sort of bulky in your pocket, but not as bulky as it would if you had a PSP in there. The plus side about it is that you can play while it's still inside the pouch, however you cannot hit the shoulder buttons (which is the downside to it). But if you have little kids around, it'll protect your Lite from your kids' CRAYON STYLUS

. I think it had 1 GBA pocket and 2 DS pockets. The DS pockets were about the same size of the Multi Pouch, so I'm guessing it could fit four as well (not totally sure). But overall, it looks just as sexy, and it fits in your pockets (though I think using the
Mario Bundle Sleeve kit, where you get free at CC, would be a better choice for an in-your-pants pouch. The major downside for me was that it won't hold the charger, so I didn't pick it up.
These are just my two cents, hope it helps anyone that's still looking for one.
EDIT: There is a much better review for the Hori Compact Pouch found
here. I will also try to get pictures up when I get back home, or maybe make its own thread and expand on this.
EDIT: Alright, pictures and extended review up (just scroll down; hopefully the pictures work; if not let me know:
http://www.cheapassgamer.com/forums/showthread.php?t=97295