Just got the black one. I have an M-Edge Platform cover in 'sapphire'; wanted something a little more grownup in appearance for the commute, since I don't really use my booklight in transit.
For my purpose, this is the perfect cover. The overall styling with the pebbled leather gives it a 40's vintage appearance -- grown up and serious, but cool -- not corporate. The cover is pretty rigid. The little channel that holds the strap (which is like a bungee), works well to keep the strap neatly in place. This cover is exactly as I had imagined it would be: except that it's a little more padded, which makes it even better; and it's *very* lightweight. I just threw it onto the not-very-accurate kitchen scale. It weighs about 6-3/8 oz. (180g) -- even lighter than I'd expected; but it's still very slim despite having more padding than I'd expected. It is only very slightly larger in dimensions than the Kindle, and fits the middle pocket of my small messenger bag perfectly.
The lining is heathered charcoal, and is more synthetic flannel-like than suede-like. What's especially good about the color, is that it seems unlikely to show hand-grime over time. I like how it looks with the device, because it's closer in color to the words than it is to the page background.
As another reviewer noted, it would be difficult to mistake the back for the front. I agree with that statement. This cover does have the same hinge system as the original Amazon cover, and comes with an explicit warning not to lift the back cover. But this design also provides the means of preventing the famous 'evil accident', if one is conscientious about using the strap. The strap holds the cover closed firmly enough that if one does lift the back rather than the front, it doesn't really 'lift' independently; and if desired one can also read with the strap over the 'free' edge of the Kindle. It doesn't interfere with any buttons, and the tab situates perfectly as a place to rest one's thumb, if one happens to hold the device in one's right hand.
The *front* cover folds back neatly -- almost like reading without a cover, except that the device won't slide around.
The cover does have a strong chemical smell right now, as I expected it probably would coming right out of the box. I expect that to dissipate over time -- it's still quite new. I plan to leave it open to air out for a while and keep my nose *away*. I'm not worried about this.
Oh. And -- the packaging it came in is quite nice. I'd call it 'giftable', even. Harmonious with the original Kindle packaging.