I've not seen the holster you're referring to in person, just on a website. It may be a good holster but for the price, I have to question its quality.
A few things to keep in mind:
If it's not built rigid enough with good material in the right places, after some use, your pistol will become loose in the holster. Not only can this become unsafe, especially with no retention strap but also causes excessive wear on the pistols finish.
Same thing goes for the quality of the material that laces through the belt. If it stretch's out and gets loose on your belt, you'll have a hard time keeping your pistol in your fav. carry location. I know this is an IWB holster and that fact alone will help keep the rig from 'walking' on your belt as much as a OWB but you still don't want the leather softening up to the point that it's really loose on your belt.
I've got some cheap pancake holster's in a box here somewhere with this exact problem.
They where priced cheap, made cheap and stretched out within 6mos. of daily use.