The joys of staying up late. :x
I agree the cover seems a little expensive considering it does not seem to be able to protect it from any forceful impacts. I probably would find some Five Star zipper binder or something such to do the same job as the $40 covers.
Also to note, the main Sony Reader page on Sony Style lists a $50 credit towards buying ebooks after product purchase and registration.
Ideally Border's will also have the info (open to the public) now as well. I have a $50 gift card to their store...though if the $50 ebook credit is exclusive to Sony Style, then there's not a lot of difference anyways.