Mine arrived from EBay seller googleproduct today (in the mid-US). I agree with all that has been said about the lower-priced version being perfectly acceptable! Not wanting to have a panic attack, I pared it a little (Thanks, Vmurph!) and was able to get the PW back out with only a little effort and a dull butter knife.
As far as the "leather", I didn't expect it to be real for that price and actually didn't like the texture of the Amazon version, which I returned. I rarely return anything, but it seemed overpriced based on all my previous covers, some of which were Amazon brand. I love real leather, but this seems to be a very good imitation or composite or whatever it is, and it feels good to me. I may add an elastic around it if I'm in a situation where I'm worried about the cover coming open. The cover didn't lie perfectly flat on the outer edge (bottom corner with magnet met, top didn't), but a gentle bend and it's lying flat now. Anyway, I'm happy with it! Mine is black.