People in the fashion blogosphere have been going really bananas over the American Apparel Leather Carry-All Pouch. The medium comes in several different colors and retails for $50 at your local American Apparel or here. I really like this baby, but I can't see spending $50 on basically a leather envelope.
I saw on another blog that there is an Etsy store that sells leather pouches as well. They look exactly the same, but you're helping out an actual person (not a company with questionable moral ethics) and they are cheaper!!
Curly in the City makes and sells these beauties regularly. She only currently has red and tan in her store, but she usually updates the store regularly.
This medium red pouch retails for only $18!! I love Etsy!!!