It really depends on what you do with your phone and how prone to accidents you are with it. I work a desk job Mon-Fri and am not often in situation where my phone could get messed up. It's worth the risk for me, plus I've had the insurance plans for the phones.

That being said, this is the case I got for my Galaxy Nexus. It's not too bulky, is easy to get on/off, and offers some protection from falls.