My leather cover just arrived and I have to say it is nice. Still keeps the Kindle very slim, but gives it a nice "professional feel". I love the new design how it just sinks into the case and stays there with no hinges or straps.
Also, as an added benefit, this works GREAT with my new Kandle II clip on light. In my other thread where I reviewed the light the only issue was how thin the Kindle was and not being able to clip the Kandle on securely enough to the top, well with the cover open and folded back, I clip the Kandle onto the top and it's solidly on there now. The extra thickness with the cover folded back gives it just enough so that you clip the light on more securely.
Bonus #2, the cover isn't so thick that I can't also still put the entire thing away in my travel case that I purchased originally. I picked up this Kobo touch travel case originally:
The Kindle with cover fits inside all snug and zipped away. I'm a happy camper.