Ok. This may sounds a little weird but I found a pretty effective way to stretch out the waterfield case if you don't want to have to struggle to get your phone in and out of the case to use it (for use with a seidio case).
While stretching it, you could just keep the phone with the Seidio case on in the waterfield to stretch it but it becomes a pain while it is still tight to remove the phone from the waterfield suede jacket, especially if you use your phone very often during the day like I do.
Well when I came home from work I took my phone out of the waterfield jacket because I knew at this point I'd probably be using my phone more often and I didn't feel like struggling with it. This is when I noticed (here is the weird part) my deodorant is roughly the same size if not a tad bigger than my Droid with the Seidio case on it.
I then stretched the waterfield jacket over my deodorant until it covered the entire thing, and left it there for a few hours. When I removed it (be careful because the deodorant cap will come off, though I used an unopened deodorant so I didn't mess up the suede) I found that the Droid with the Seidio case on it slid in easier, almost perfectly. I figure since I am going out now I'll keep my phone in the waterfield, but when I get home I'll stretch it again over the deodorant and leave it there until the morning.
I figure by then it should be a pretty decent fit.
disclaimer: I take no responsibility if you get white deodorant on your suede jacket or if you tear your it in the process lol. The material is very strong though and it seemed to stretch without any hint or worry of tearing.