Like everyone else ~ I shopped my head off looking at iPad cases. I started with the Apple case - which was very adequate but started to feel worn a little too quickly for the price. Bottom line, THIS case looks very rich, has very straight and quality stitching, is VERY thin - and most importantly, I believe provides exceptional protection to an expensive investment.
The back forms the curvature of the iPad like a glove, the cover has "hooks" to hold the iPad in place, and it has a hook/clip tab that keeps the cover closed. The four corners are protected (which I feel is a very important feature), yet you can remove the device easily. Like 60% of iPad owners, I prefer to use mine in landscape mode - so the easel position is perfect for me. I know at some point I will use the multi-position option that you can use by unhooking the two top hooks. I cannot say that repeated use of this feature will not eventually weaken the hooks/clips, but it appears you can gently bend them slightly to retighten them.
Lastly, I like the soft lining for protection, and the outer material looks more expensive than the price. Being a leather "snob," and the fact no where on the case can I find that it's labeled as leather (which is required if applicable), I seriously doubt it's genuine leather. HOWEVER, it looks so much like real leather that most people would never know the difference. And as mentioned by others, it has some sort of polyuruethane coating which I think will keep it looking new longer.
The ONLY negative I have found at all in the past month is the grey lining is wearing a little on the closure clip. It's not affecting the case at all, and in the scheme of things, doesn't bother me. All-in-all, I'm very pleased with this case, especially for the price ~ and would definitely recommend it to anyone with high iPad standards.