I just got the yellow version of this case. It is nearly identical to the Ballistic case, but the Ballistic is made with a little thicker materials and seems to be a little better quality. Some might actually like this case better though because it adds a little less bulk but still provides a decent amount of protection. The fit seems to be perfect and all the buttons and cutouts are in exactly the right place.
One difference is that hard plastic goes over the power and volume buttons with a hole for the silicone layer to protrude through. I think this might help cut down on accidental button presses, but they are still easy to press. The plastic does not cover the button area on the Ballistic, only silicone.
Overall, it seems to be a great case and I would definitely recommend it. It's probably the best value out there for a rugged type case, and the fact that it's available in multiple colors is a plus too.
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