I had a Kindle 2 and had an M-Edge leather case for it that I loved except for how it hooked on. (It ended up cracking the fascia of my Kindle). It was soft, beautiful red leather, and it had that yummy leather smell. This case was only available in black, which I wasn't thrilled about, and I imagine it's because of their eco-friendly process that the leather just doesn't feel awesome, nor does it smell like real leather. It almost feels like it's not leather at all.
That said, the design of this case is fantastic. Speaker holes with screens in the back are nifty, but the positively secure nature of the case is what sold me. I can grab the front flap and shake the case as much as I like and that Kindle will not so much as budge. No corner tabs that slip off easily here. The only thing I think could be better would be if it had an actual closure rather than the elastic band that hold the case closed when not in use. (I'm concerned it will lose elasticity over time). The hand sleeve is kind of cool, though I find myself not using it much.
Overall, I would recommend this case as a good way to protect and carry your Kindle. It's very secure while still providing access to every button and the speakers. Now, if only M-Edge would make one like this in their yummy leather in every color of the rainbow? Then we'd have something!