The Touch cover from Amazon has some good and some bad properties.
On the good side, it's very light: at 4 oz it is noticeably lighter than the previous generation of covers. My Kindle Touch fits in very snugly with no wasted space.
On the negative side, it looks and feels rather plasticky. I ordered the plain black version and the front and back outer covers are a shiny black leather. At first I thought the back exterior was simply black plastic, and it took a close examination to realize it is the same leather as the front cover. The front inner cover is a soft felt. The inner body where the Kindle sits is plastic. There is no fastener or band to hold the cover closed.
This is my fourth Kindle and cover. The Touch cover looks much more like a "gadget" cover than the earlier ones. It looks rather like an old Palm PDA cover I had, or like some ipod covers. The previous Kindle covers had a textured leather appearance and they looked more like book or notebook covers.
Right now I am having rather mixed reactions. I definitely like the fact that it adds so little weight to the Kindle. However it does look rather cheap. For $40 I was expecting a little more.
I think I am going to have to use this for a while before reaching a final conclusion.
Update November 29th: Tastes will vary, but in the end I decided that this was not the right look or feel for me and I have switched to a different cover (the Splash SAFARI
). That is similar to the old Kindle 3 cover, with a textured leather appearance and an elastic fastener strap.