I can answer a few - the leather feels much better than the Touch cover. It has a texture to it and a nice leather smell. I'm picky about my leather cases, etc, and really like it. The magnet is not "snappy" if I understand you. A drop would certainly open it - sometimes I knock it open just pulling it out of the bag. For me that is not a big deal - the point for me is not to survive a drop but rather to stay closed in my messenger bag. It does that well.
As far as the bulk goes - I don't have a T-1 so I can't comment there. This case adds the same bulk as the previous Touch and 4th gen cases do.