I do use it as a clutch for dressy, but non-formal occasions. I have to say this is not the most comfortable solution, hence I'm looking to get a "proper" bag, but it does serve it's function well for now. It easily holds my essentials - I carry my iPhone 6 (regular, not plus), a Chanel compact powder, a Dior lip balm (up to three lipsticks with those items - I've checked), DE cles pochette with my keys inside, a box of tissues and a few cards in the side pocket (I've tried with 4, but you can easily fit more if you need it). In this option the zipper is not crooked and the clutch is not misshaped. For me, that is absolutely perfect in terms of what it can hold, as I don't ever intend to bring more with me inside a clutch.
Of course mine is from DE NF MM and the epi one could hold less (as epi leather is less generous than canvas) and I've heard that PM NF has a smaller pouch.