Short and Sweet:
Pros - Leather is supple, seems to be put together well enough to last a few years, handle and strap are well stitched and sturdy, shoulder gel pad is comfortable, interior is lined with a good-looking tan fabric and has a padded pocket for a laptop.
Cons - Leather is very thin - there is a thin layer of leather over some other material, for instance there seems to be a plastic or some other semi-stiff material board inside the flap between the leather and the interior material. This is not a full-leather bag like the upscale ones are. It's really not that roomy. After my laptop is inside, I had room for a small book or a few thin files. If you try to stuff more in, the pockets become effectively worthless as they are on the outside under the flap and stop the flap short of the clasps if too full. Also the clasps and leather straps are not adjustable without punching more holes in the straps - but if you do this the pockets may become exposed thus defeating one of the primary purposes of the flap to begin with.
All that said I plan on using this bag for a while until I decide to pony up the dough for a full-leather bag like the saddleback co. My colleague has one and I'm in complete briefcase envy. Even at about 4 times the price of this bag, that one is TOTALLY worth it if you're serious about your briefcase.
***UPDATE***
THIS BAG IS JUNK! After a couple weeks of use this bag went into my closet. The con I mentioned about the thin leather makes the bag NOT WORTH $50 let alone $100+! As it ages, quality leather gains character and subtle rugged handsomeness in the folds and creases. The leather is so thin on this bag that these little folds and wear creases look more like creases in a brown paper sack than a leather briefcase.
BOTTOM LINE: I AM EMBARRASSED TO CARRY THIS BAG AND SORELY WISH I HAD MY MONEY BACK TO PUT TOWARD A FULL-LEATHER BAG!!!