Several months back we were approached by Portland Pedal Power, a local courier outfit here in Portland. These guys know what it means to ride in the rain. They were looking for a new kind of hip pouch, one that would withstand daily riding through Portland's wet season. We came up with this:
It rolls up tight to seal out the elements, or closes easily in "flap-down" mode. It's hand-made right here in Portland using waterproof, domestically made fabrics, and includes a belt, u-lock sleeve, and internal organizer.
Update - 2016: The Roll top hip pouch has evolved into our multi-functional Pioneer hip pack - one of the coolest fanny packs around - check out here)
Portland Pedal Power liked them so much, they made a video about it (well, three actually) check them out!