I bought one (black) and really really love it. I like the smell, too. Makes the device feel and smell more bookish. It's great. Only complaint, and it is small and hopefully i'll get used to it, is the top cover, when closed, if you press it (say, while carrying) it will buckle every so slightly. This is because it does not contact the screen it sits a few mm above it, contacting the edge of the case instead. Feels a bit strange, wish it was more stable. But it really is a minor point.
Hard to say if I prefer it to my kindle keyboard official leather cover (the one with the built-in light), but I can say that both kindles (with covers on) look great, but the paperwhite is much much lighter and a bit smaller for easier portability.