I got my black cover this morning. I'm less than thrilled. The tab that keeps it closed is obnoxiously in the way and there's an elastic band for holding a pen on the inside of the spine that prevents it from closing all the way on its own. The inside is a medium gray suede that will unquestionably show a grimy thumb mark in the near future. The bottom non-elastic corners are uneven (the left is wider than the right and the angles aren't the same), indicating cheap manufacturing. Both of the top corners are elastic and the left one slightly overlaps the power slider. The pockets on the inside left are a nice idea, but the two small pockets for SD/MemoryStick cards align with the buttons on right side of the reader when the cover is closed and are thus useless.
I'll give this cover a few days, but I imagine I'll be going back to the original. I like its simplicity and the magnets that hold it closed. I haven't had any problems with the clip yet, but unless someone comes out with another cover that uses the clip, I'll probably end up biting the bullet and buying another OEM cover for a backup. The M-Edge cover is a good idea, but it obviously wasn't thought through completely and wasn't tested with real-world use.