Yes, LifeProof is just an iPhone case. I'm only blogging this because the demonstrator actually managed to make this introduction fun at the Launch conference. After borrowing an on-stage judge's iPhone and installing it in the LifeProof case, the tuxedoed demonstrator dropped it, covered it in eggs and ketchup, and dunked it in a fish tank to clean it off. The phone emerged unscathed.
The waterproof and shockproof case will cost $69, and there's no shock protection for that. The case is very slim for the protection it offers, only adding a sixteenth of an inch to the profile. But it does add enough protection that it makes your iPhone into a serviceable underwater camera.