OK here are some photos and a just out of box impression:
1) Looks nice - very soft leather
2) Holds device securely and it does not look like it will fall out, even with radical movement.
3) Cover very stiff internally and should give screen protection as good or better than the stock cover
4) Very light - not significant weight increase.
5) Cover does fold back but not totally flat (the spine does not fold into a single crease, rather folds on either side of the spine, meaning that at the spine edge, the back and front covers are maybe 3/4 - 1/2 inch apart when folded back. I guess this is to be expected with 2 layers of leather, but one may have to read with the cover open. I will have to use it a bit to tell if this is a problem.
6) Be careful inserting and removing the Reader - I knocked the joystick button off the first time - fortunately it snapped back on with no damage to the Reader.
7) The leather tab that holds it closed may tend to block the screen a bit on the right as it tends to bend over the screen. This may be just when it is new and not yet flexible - again, we shall see.
8) It looks like this might be a very nice way to hold it: Forefinger between covers and thumb in front of tab should work and be more secure one handed than the stock cover - again, this will require some actual reading to determine. See Picture.