I got the black cover and love it after finally getting the Kindle... (I've had the cover for weeks).
My only complaint, and I don't care about it being real leather or not, is that it is a little slippery.. the PW without a cover is very easy to hold since the material is so grippy. Both the back of the cover and inside cover (when folded over) are kind of slippery in my opinion.
Overall though, this is the best case I've seen for any e-Reader.. it feels like it offers a lot of protection, it adds minimal bulk & weight, it holds the Kindle incredibly securely (It's *very* difficult to remove!), and it feels/looks very high quality.
I have a Nook Glow right now as well, and the comparison between B&Ns official cover for that and the PW cover is night and day.. the B&N cover makes the Nook much much bigger then the Naked Nook, and that cover is really cheaply made. Mine has not worn well at all in the 6 months I've had it.