I received the box just today. These are my first impressions along with my completely subjective, unscientific, and totally biased judgements:.

Size: Perfect for MY needs, althought the advertised size (5.12" x 3.74" x 1.18") is a tiny bit larger than the actual internal measurements of 5" x 3.1/2" x 1 1/8". Trivial to some, maybe important to others.
My grade: A-

Materials: I find it a bit more flimsy than I had expected. I don't know how to guage aluminum, but picture a can of King Oscars kipper snacks and you'll get the picture (i.e.: pretty thin stuff.) It's light though....The gasket also did not fit perfectly back into the lid after the waterproof test (see below.) It appears that is has swollen just a tiny bit, but to be fair I don't think it will compromise the water resistance.
My grade: B-

Construction: Despite the material, it is MUCH more solid than an Altoids tin or their clones, which is all I really have to compare it to. The snap-down clips that close it are riveted rather than spot-welded, and they close the box with an authoritative snap.
Grade: A+

Waterproofness: I held it under about 10" of water in my kitchen sink for about 60 seconds. No bubbles. I then squeezed it and got large bubbles. I opened it up and had 1/4" of water in it.
I think it is important to note that Penrith did not claim this box is waterproof and it's a good thing, because waterproof it ain't. But it also is much better than my current container. Bottom line: if you are planning on diving with this, forget it. But if you have to cross a swollen creek with this box riding in your BDU's, ( a much more likely scenario for me) then you are going to arrive with dry gear--as long as you don't fall down.
Grade: B+

Overall grade: B+


Other observations: I notice that there is what appears to be Japanese writing stamped into the end of the lid. This is in line with what I have heard, that these are some sort of Japanese lunchbox.
I must also compliment Penrith in the UK: I ordered it on Friday evening their time, and I got it today. That makes 5 business days. Pretty fast from overseas.

I would think long and hard before I ordered one from the UK and paid the shipping again. Other than that, it is a vast improvement over my current container (which, using the same criteria, gets a D- grade,) and if someone in the USA starts carrying them then I can see getting a few more.

Regards, Vince

Edit: The views expressed here are my own, and don't necessarily reflect those of ETS, its owners, its moderators, the Government of the United States, or Homer J. Simpson.