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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.
You can get up to 36 different color combinations for this Defender case. They also have a bit lighter Commuter Series for $39.90. I like seeing that you can also now purchase the individual pieces by themselves if you want to change colors or something happens to break.