I had a case very similar to this for my K2, and loved it, but it was made by M-Edge. For some reason they stopped making it once the K3 came out, so I was very excited to see this offered for the K4, even though it's from a different manufacturer.
Overall, I really like the case, but there are just a couple design features that make it less than perfect. The first is the hand strap on the back. This is a vertical case and the strap is sewn on vertically, which means you slide your hand in horizontally. To utilize this strap and be able to read, your wrist would have to be bent at an almost 90 degree angle...hardly comfortable. If you really want to use the strap you could always adjust the screen rotation on your Kindle to horizontal, but I'm not going to do that. Seems like the strap is kind of pointless and just adds bulk.
My other minor issue is with the thin elastic strap that holds the front cover closed. The M-Edge case had it attached to the back of the back cover, making it longer and simple to open the case and secure the front flap back when reading. This case has the strap attached to the bottom sides of the back cover, right next to the bottom corner holders. This makes the strap shorter and a little more awkward when opening and closing the case, but that's just a small issue.
The construction of the case is done really well, and the 4 corner straps hold the Kindle firmly in place. I'm not sure what the cover is made of...feels almost like pleather, but it's soft and smooth, and the pink is just like the picture. A good sturdy case that disappears when reading (which to me is the most important thing), and at a decent price...not bad!