LifeProof or Otterbox for iPhone 5?

I currently have an Otterbox Defender for my iPhone 5 and have had it since last December. There's nothing wrong with it, aside from the fact that it causes air bubbles on my screen, but I'm just tired of it and want something different. I was going to purchase another one in a differenct color, but then I seen that Otterbox now makes a waterproof case (ArmorSeries).It costs more than LifeProof, $99, and looks even more bulky than the Defender. Has anyone tried this yet? I don't plan on submerging my phone in water, but I would prefer a waterproof case in case it were to get water on it. I accidentally dropped my iPhone 4 into a bucket of water last year (thankfully on the same day my iPhone 5 came in the mail). I like how the LifeProof case looks, but with it being thin I wonder about how protective it would be against falls. If you have either of these cases could you please comments with the pros and cons and which one you think is the better case?

I'm loyal to Otterbox. I, too, have an iPhone 5 and use a Defender. I was looking at the Armor series (for my children, they each just got an iPhone 5c).It is definitely bulkier