The CF boxes are still the best out there. The cheap knock-offs that every fly shop has now work, but the foam is not as high a quality as the CF boxes and the one with the middle leaf is guaranteed to crush half the fly box unless you are tying really small flies (I tend to just remove that leaf). The price is hard to beat, however, and they definitely hold up to a dunking and even a serious rain. I've never had a need for a box that I can actually submerge for lengthy periods of time, but I do want a box that will keep the flies dry in the rain or if I happen to wade a bit to deep, and both the CF and the knock-offs do that quite well. YMMV.