I'm with WhichDawg, I cant speak for the 10" kydex, but the smaller one was terrible. It was too tight to take the knife, excessively large (should be at least 1" narrower and shorter, very asymmetrical, excessive belt loop, and personally I'd have used thinner material.

I disagree about the drain hole though, it's nice be able to flush it out just by running it under the tap, and if moistures going to get it it'll do so with or without the hole, even the most form fitting sheaths wont be water proof, not that you'd want them to be cause they'd just end up trapping moisture that enters the sheath as residue on the knife.