EDIT– 4 April 2012, 11:09 AM- Lifeproof is sending a replacement case, first class.
Just figured out why my case was taking in water and letting out way too much air.
If you look closely, you’ll see that there are two membranes at the base of the case (top of the picture) that allow for sound in, but doesn’t allow water to rush in…
…unless there is a missing membrane. On the left side of this picture, you can see where the membrane is completely missing (which is why you can see my blue screensaver through it.)
You can also see what’s left of the plastic from where it tore off, I’m guessing. I’ll just call Lifeproof and see if I can get another replacement.