I find the leather cover excellent. I got the black cover and it sits very tight and small on the device. The auto-on auto-off is fantastic and makes the reader feel much more like a book. I would love a more leathery feel but not if it adds weight or size. Also, I would be concerned that a softer leather cover would be less rugged and more subject to damage.
I can see the aesthetic objections but it really works for me.