I purchased this case for my 350 and am very happy with it. It is considerably more attrractive and robust than the Sony options, and about half the price. While it is not a completely snug fit inside the inner sleeve, the movement is minimal, and the reader can easily be nudged into place again if it does move. The only way it can slip out of the left of the holder is if you are actually reading with the front cover folded completely back behind the reader (which I tend not to do); when the cover is closed the reader is completely enclosed and protected.
The case provides good protection as the front and back of the leather cover are very stiff. I regularly carry my reader in my brief case, with laptop and cables etc and have no concerns about damage.
Sorry I can't comment on using a reading light - I have never found a need to use one.
Based on my experience with this cover I think it is a very good option.
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