Got this for my second indie-film, and now live by that a recording bag is an essential piece for any boom op/sound technician. Having the H5 strapped to the belt saved me from all the worry about where to keep it and how to operate effectively during shoot. And it's so convenient!
It will do just fine in light rain, just cover the bottom (the belt loop end) with jacket or shirt if you're using the XLR inputs. Don't expect it to be waterproof though. A bit of force is required to press record through the plastic cover but it works. You should probably get a carabiner too though. It got annoying to take my belt off every time I needed to separate myself from the recorder.
The bag has plenty of velcro on its back, and one cool thing that allowed was strapping a velcro'd 5400 mAh power bank to it. And voilá! Two full days of operation without a recharge!
For the price though, few products relieve so many headaches.