For my Lumix LX2, I use the hipbelt pouch on my SMD Essence. Fits real well and is very accessible. Since it's a fabric pouch, it is protected from blowing dust. I also store my balaclava in the pouch, giving it some protection from a fall.
I always leave the wrist strap hanging out of the pouch. This puts the camera in my left pouch. So what I do is slide my right hand into the wrist strap, unzip the pouch with my left hand, and pull the camera out. When I'm done, I reverse it, first zipping the pouch and then removing my right hand from the wrist strap. This prevents me from dropping the camera while getting it out and putting it away. I am able to approach a shot, pull it out, get it ready, stop and shoot, and put it away while walking again. Makes for a very short interruption in my hiking.