I don't use the Kehole but I use an OP/Tech harness that basically serves the same purpose, to hold the camera securely to your chest, allowing the use of both hands. The difference it that the camera is attached to the harness, which has elastic straps that allow you to shoot without disconnectind it from the harness. Your assessment is correct. When working hard, it will get dripped on. When I use it with my DSLR, I use a small stuff sack over it that can be removed quickly and easily. I just tighten the cord enough to keep it from falling off. With practice, you can remove it quickly and seamlessly.

I use the same harness for my Canon G9 but I attach a very small holster-like Tamarac case to the harness where I can easily pull the camera out and replace it. If I'm shooting a lot, I don't fasten the cover on the holster. I use the harness for my binoculars when I am hunting and I have attached my underwater housing with the G9 in it, while rafting through the Grand Canyon, giving me the ability to shoot photos and video while running the rapids. It's one of the best $20 I ever spent.