I got the black cover for my PW because I didn't want the distraction around the edges of the reader when I was reading. IMO, this is the best cover (for now) for this Kindle.
I like how the cover automatically puts the Kindle to sleep when you close it. If you don't have the ad version, when you open the cover, you are right back where you left off. Makes using the Kindle very much like a book, in that respect. If you have ads, you will have to swipe the screen to get back into the book...
I had found I am more comfortable holding the PW with the cover on than without it on. It seems less fragile and there is more room/places for my hands. The front of the cover lies flat when it's folded back behind the book. I can prop the Kindle up and it stays flat, the cover doesn't make the Kindle sit at an angle. Oh, and I don't mind the feel of the fiber when I hold it (hate plastic/metal backs - I can feel my fingers sweating and sliding. Blech!).
Last, I like how the Kindle fits into the cover and stays. I never liked corner loops and such to keep the Kindle in the cover. They made it look "messy" (IMHO only) and I was always irritated with them. With this cover, the edge doesn't even come up over the front of the Kindle; it is flush. Exactly how I prefer.
Yes, it was not cheap. But, it works perfectly with my Kindle, is a pleasure to use and is pleasing to both my eyes and my hands. As I've said before, with both the PW and the cover - Amazon did great. This is the Kindle (and cover) for which I've been waiting (even if I did not know it