The hip clip water bottle holder is a great invention! Now I can walk around without having to carry my water bottle in my hand. It's especially great at the fair so I have my hands free to grab a snack or to play a game. What's even better is that I can wear 2 hip clips and carry around my kid's water bottle too!
My bike doesn't have a water bottle cage anymore so I just took my hip clip along. It didnt' get in the way at all when I was riding my bike, and when I got off I still had my water handy!
The only issue that I had with the hip clip was when I tried running. It stayed in place and didn't hurt or anything. It was just mildly annoying that the bottle kept flopping against my leg. But this just might have been the way I was wearing it (tucked in my shorts instead of on a belt).