I couldn't resist trying the one with the flap, so ordered one from that EBay seller as well and received it today. Magnet on the closure strap is very weak, as you say. I had thought perhaps with the cover folded all the way back the strap would hold it in place, but that's not the case. Other than the strap and the lack of kindle on the front and inside cover, it appears to me to be identical to the one from Hong Kong we've been discussing. Mine is black. Haven't shaved/pared it yet or put the PW into it. It appears to close fine, though.
Still have not received the second one I ordered from China for a gift, but tracking now shows it's in the US. Shipped on Nov. 29th.