Ernest - I'd be hesitant to use anything other than my moneybelt for travel documents... Since this is such a small item, the risk is probably that it would get misplaced or picked up rather than needing the security features.
That being said, I am a fan of some of the PacSafe products. I have the CitySafe 100 and the tote. Although they aren't the most stylish, I really do like some of the security and organizational features. I'm didn't buy them specifically for the slashproof strap, but I do like the ability to lock the zipper in place and the ability to attach the strap to a chair or bag. The CitySafe 100 is very small and light but seems to be a bottomless pit.