The question always arises with luxury gadget accessories: Would you spend as much on the case as you did for the actual gadget? Show me a laptop that costs $2,000, I'll show you a designer doozy laptop bag that matches the price. Likewise, Louis Vuitton has an iPhone case that hits between the unsubsidized 8GB and 16GB prices for the new iPhone 3G: $285.
The Taiga iPhone Case doesn't mention which generation iPhone it's intended for, but I'm guessing that the pouch style would accommodate either. As for the LV logo: One size fits all, thank you very much.