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There are openings in the back frame piece for the cameras, power button/IR port, and a covered opening for the headphone jack/microUSB port on the bottom. There are raised buttons on the right for the volume controls. There is a woodland forest camo design on the back of the shell piece that is made of black silicone material. It is very easy to get your HTC One into this case, but you can tell it is very secure in the snapped together plastic inner frame.
OtterBox cases definitely add bulk to your device and with the new HTC One (M8) being so long the whole package is big. However, this bulk provides serious protection from drops. Given the front and back openings it doesn't provide complete water and dust resistance. There is some level of protection due to the coverage and port fittings, but please do not try dunking your HTC One in this particular OtterBox. They do make waterproof Preserver Series cases, but they don't have one yet available for the One (M8).
The OtterBox Defender Series is available in a number of covers for $59.90. I see it is also available at Verizon and other carrier stores for $49.99 so check around before your make your purchase.