I received my new case from MEdge yesterday. I really like this case because it's red, feels nice, holds the Kindle very securely, and has interior holders for a pen/pencil, memory cards, etc..
All four corners of the Kindle are secured and the upper right hand corner has elastic so that you can easily slip it off and access the switches on the back. The front cover folds back completely without any ominous crackling noises.
This is what the Amazon case should have been.
The actual color is closer to the first picture.