i have a pouch too! it's the blue/brown scarf print pouch. i'd had it since fall of 2006 and i've only used it once. i agree, it's so small and won't fit comfortably under my arm (and i'm a petite 5'2'' 100 lbs)! plus i'm paranoid about getting it dirty, the fabric is that smooth and shiny satiny material. but i got such a good deal for it, i found it off of craigslist for $60 when the retail was like $200 i think. i even had my boyfriend to drive the one hour to pick it up for me, since i was at school in los angeles at the time and the purse was in palo alto in the northern CA area.
i can't part with it because it's so pretty, even though i find that i hardly use it. but i'm going to keep it and make sure i use it one of these days. for me, i guess i can justify keeping it since i got it at such a good price and don't feel guilty for wasting a lot of money on a purse i used probably once or twice a year. (but i'm definitely done with small purses! i'm more of a tote type of girl, this is the only one small purse i'll probably ever have.)
i guess if you really feel that you'll NEVER use this pouch, then exchange it or get credit.