I have posted before about the H2OAudio waterproof arm bag I use for my GPS-Logir Phone and for the GW-52. Still by far the best waterproof arm bag I have found. (Thanks to Roo for bringing it to our attention

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I have just found another company that may be worthy of a close look:
www.over-board.com.au/Here is their video of their new bike mount bag. This could be mounted on the boom for a great feedback solution (one one tack!

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They also make a nice looking arm ban bag that is actually recommended for windsurfing, among other things. I can't vouch for it as I still have plenty of H2OAudio bags that meet my needs, but would be interested if anyone has tried it.