In the photo with the light, there still is still a pencil loop, so I think the light isn't just held by the loop. I think they just expanded the "spine" area of the cove, by a quarter inch perhaps. And extended the cover-close tab as an all-the-way-around decoration. I like it and am tempted! I think mine isn't leather anyway, so perhaps I can persuade myself.
The older cover (the non-leather one??) is on close-out sale for $19.99. At least, the
brown version is.