This is a wallet I found in search of a Christmas gift. The website for the instructions is here.
Its a nice wallet, I plan on sticking in a $10 iTunes card with it. It does fit an iPhone, or a memo pad.
When making this, the only thing I will note on is the elastic, make sure it is decorative on BOTH sides. I myself ran into this issue and had to redo it. Great little project with a variety of outcomes!