It's loose enough that I don't feel constricted, but it also feels secure, and it hangs where I want it to - right over my right hip. It started on my left one, but it interfered with my purse there, and the right is more convenient.
So far, it's a success. Yay!
(Note: instead of the aluminum hard case, I'm using the flap cover that came with the PDA. I figured that would be sufficient protection and I didn't want the extra weight.)