The Oberon cover for the Kindle Touch can easily be adapted to the Paperwhite.
Without adjustments, there is a little too much play left within the corner holders, although I doubt that the PW would fall out. After all, the PW is only 0.1" smaller in each direction.
Since the covers are so expensive, I certainly did not want to buy another for my new PW (I sold my Touch via Craigslist).
After a few experiments, here is what I did, for less than a dollar. I got some standard felt at the craft store, in black, for about 25 cents. I cut three strips and glued them to the underside of the 3 leather corner retaining straps, tucking the ends of each into the slits through which they emerge. I think any old plain glue will work fine. This is just enough space filler that now the PW is held securely in place, and the black felt is invisible against the black leather corner holders, especially as the PW is black also.
For the custom touch, any hardware store will sell you a roll of a flexible magnetic material (about 1/16 inch thick) that can be cut with scissors. Cut a one inch piece with angled ends, and use the same glue to glue it to the inside of the front cover so that it fits just inside the lower right retaining strap. This is in just the right place to trigger the automatic switch which will turn off the PW when the cover is closed, and turn it on automatically when the cover is opened. The magnet is a little on the visible side, but the convenience is wonderful. Putting the magnet inside the pocket does not work as the magnet is too weak to trigger the switch from behind the leather pocket (that would be nice!). I don't mind the magnet, and the glue seems to be holding it in place (and I have a lot of spare magnet left) so I'm going with that, as I love the auto on and off, the cover closes completely, and the magnet is not terribly conspicuous.
As far as I can tell, few manufacturers other than Amazon are adding these magnets. It looks like the Oberon covers designed for the PW do not, which is a shame, but the cost of hiding the magnet and making it strong enough to work is probably prohibitive.
So if you have a Touch and move on up (way up, in my opinion) to the Paperwhite, keep your Oberon cover, glue in some felt, and you can keep on using your wonderful and beautiful cover with the new reader.
Last edited by SquiddOhio; 11-21-2012 at 02:59 PM.
Reason: Removed all references to the Fiscal Cliff.