I used an armband too and although it freed up my pockets, I found it was uncomfortable and even a little constricting on my arm. That's really neat that you decided to start running with it in your hand! Do you find that you switch hands during your run when holding your phone? I know when I ran with my phone in my pocket, I was paranoid that extra 5 oz would offset my body, so I would switch sides halfway.
I actually just keep it in my right hand and I think that's just attributed to me being right-handed and always doing things with my right hand. The most annoying part about running with it in my hand though is the wire from my earphones going all over the place. To solve that sometimes I just run the wire into the sleeve of my shirt. If you don't mind the occasional looks this works great!