I bought this envelope along with the
Incipio Feather for Apple iPad - Frost for about 40% off and I like it very much. The leather interior is sturdy but soft/smooth and it took only a few days to relax around the shape of my iPad. It does exactly what I need it to do: protect my iPad from dust or scratches at home or while in my shoulder bag while keeping a low profile.
Why I took a star off:
The felt exterior is a debateable design choice... It's a nice contrast to the leather tab and logo patch, but even after a month I'm noticing slight wrinkling along the face of the flap and small loose pockets where the envelope molds around the edges of the iPad (suggesting a lack of adhesive underneath the felt). I've read that laying a cloth over the felt and using an iron at low temp can get the wrinkles out, and if it's self-adhesive felt that might correct the loose bits, too.
Another reviewer commented that the stitching at the flap started to come apart. I'm wondering if she meant the leather tab -- it's held onto the flap with just two heavy stitches on the sides. Even in the photos you can see that the top of the tab moves freely. I might consider a bit of fabric glue under the top there for some reinforcement, but with light-duty use I don't see myself having any problem. Anyone who expects heavy use/handling might want to consider something with a more rugged clasp.
Still, for a good-looking functional product on sale, I'm happy with my purchase.