Lawful Larry,
I'm liking the way it hangs and feels. Have yet to wear it a full day in the woods but I know I'll be happy.
Mine squeaks just a bit but less and less each time I wear it. I too will put some saddle soap on it in the one location and I know the squeak will go away.
To your question, there is a snap strap that comes over the back of the trigger guard that keeps it in. Mine is 12 inches in the holster so I can't see it coming out but the strap ensures that it cannot.
I still am very happy with my purchase. BTW, if you ever wanted to, you could snap the holster only over your regular belt. Looks like it would work without problems.
Mike