So after weeks of debating whether or not to buy this cover (The Importance of Being Earnest is my favorite play and purple/red are my favorite colors), I finally broke down and got it after it went on sale. Let me tell you, this cover is freaking adorable. The hinges also are very secure and wiggle far less than the Amazon cover. I haven't had any freezing/rebooting issues so far, but I'll update if I do. I love that this cover has two pockets on the inside cover, which are great for storing spare cash, travel things (tickets, passport, etc.), and other stuff like that. Also, it does fold back completely flat, though it also has the right feel/stiffness for reading it open like a traditional book. It doesn't add much weight to the Kindle and it feels like holding a medium-sized paperback in terms of heft. The coating on the canvas seems to be very easily cleaned in case of spills, as well.
The only reason I gave this four stars instead of five is because I wish there was a way to keep it closed While in my bag (though that really isn't a major issue in practice), and that the cover has a bit of a vinyl smell to it (which actually is gradually going away now that it's in the open air).