Shame on engadget for even suggesting that this abomination might be considered a man purse. This is clearly a holster. I would categorize it as a peripheral before calling it a fashion accessory. I don't know who is buying this sort of thing so that they'd actually bother making a version 2.0, but they might as well just be honest with themselves and go around wearing a Han Solo costume.
Or they can go full geek, and don something like this:
All joking aside, if you want a man purse but don't want to be actively carrying one, why not try a waist bag? You know, a fanny pack? They made somewhat of a comeback in 2007, and there are a few nice designs out there still.
Consider one of these:
So what do you think?