I don't have an outlet one, but have the FP style that appears to have the same layout. The sequins one has that extra gusseted compartment inside so you get 2 vs. 1 plus an extra front and middle slip pocket. The regular one's zip pocket is more gusseted and since it's just 1 compartment inside that compartment is bigger than either single one of the sequins.
I try not to overstuff either style, but the sequins is glovetanned leather so has more give than the outlet ones I imagine. Phone can fit inside or in the back outer pocket. Since there's 2 compartments, you could put phone in back and 1 set of keys in each compartment. Cards in the card slots and cash in the back bill fold. You'd still have the front and middle slip pockets for receipts etc.
I'll attach a couple of comparison pics.
