I recently set up a compact brown Regency as a wallet and it's working perfectly for me. I'm impressed with the durability of the Regency. I throw it in my bag with my keys without worry. I also like that it lays flat when I open it and the smaller ring size is less cumbersome on the go.
I'm keeping it simple with three divided sections:
1) Receipt holder, calculator, and finance sheets;
2) Card holder inserts for store, gift, library, and voter cards; and
I use the notepaper section for shopping lists and to jot down things I don't want to forget before I can get them into my main planner.
My most-used cards and cash are kept in the front pockets and my medical cards and contacts are placed in the back pocket.
The only drawback for me is that the Regency doesn't have a zipper pocket for change and loose bits. However, I usually empty my coins into jars at home because I don't like the extra bulk and weight.
I added a cute piggy bank charm that has a Lincoln penny with the words, "penny saved…penny earned." It hangs from an adhesive pen loop attached to one of the card holders in the middle section.
I'm very happy with how it turned out!
UPDATE: In January, 2014, I received and moved into a compact Cavendish in black.