So, here's the deal: when you get this case, you'll likely be pleased as punch. It looks nice, it fits the Nexus 7 well, and it adds very little bulk. The magnets click together in a satisfying way, and the device locks and unlocks as you open and close the flap. The cutouts for the buttons align perfectly and make them easy to access. The case sits just slightly above flush with the glass of the Nexus 7, making swiping gestures from the bezel easy. The microfiber material on the inside of the flap doesn't scratch or damage the screen in any way.
That's the initial impression, and I am convinced that most of the positive reviews are based on that rather than long term usage - either that, or my case is a factory reject.
Once the honeymoon is over, the problems arise. First off, the tri-folding cover makes a pretty poor stand. It seems like it should work, and if you position it just so it will hold, but since you have to touch the screen to actually do things with the device it's a recipe for frustration. Even a small hook-n-loop strip could have made all the difference here.
But more importantly, the quality of this case is just really poor. Within a week of use it was already showing signs of wear: the flap sections weren't lining up properly, they didn't sit flat. The edges were beginning to fray.
I'm coming on two months of ownership now and it's only gone downhill from there. The material on the flap is separating at the folds, and it seems really cheap indeed. The "hinge" thing does not instill confidence either: as I have used the case, I have noticed that the hinge has become "broken in," which makes the alignment worse and reduces the chance that the "stand" functionality will actually hold the thing up at all.
Now, I am not abusing this product. I'm placing it in my briefcase and opening and closing it - really typical use. But it's starting to look like it's been through the wringer already.
The description says it has a 3 year warranty, and I'm going to ask for a replacement. But dealing with exchanges on products this cheap is always frustrating, since between your time spent dealing with the exchange and (possibly, I do not know yet whether this is true in Poetic's case) additional shipping charges, it feels like it's not always worth it.
Even if I can get a better quality replacement, it would not change my overall recommendation: avoid.
** Update 01/2013 **
I have uploaded three photos in the "Customer Images" section to illustrate the issues I am seeing: