I like the Sony Deluxe Leather cover fine. The leather takes some breaking in. Mine has soaked up enough natural oils from my hands to start to soften and develop those nice wear creases. It has a business card pocket with clear plastic, which is nice. Above that is a small SD card pocket. These are both stitched onto the outside of a larger pocket, which is the perfect size to fit a small
MoleSkine Pocket Cahier notebook (black to match the case... would also look bitchin' in the hot pink leather case). Those pockets are all on the inside back. Since the case does indeed use the clips, the back cover opens away from the Reader so you can get to these pockets.
For me, the only thing missing is a pen loop, but again, I'm not sure where they could safely put one, and I always have a pen in my pocket anyway. So, not a big deal.
The M-Edge and the Levenger cases both have their pockets on the inside front cover, which means all your little goodies come into contact with the Reader screen. That strikes me as a colossally poor design choice.
So overall, I'm very satisfied with the Sony Deluxe Leather cover.
That said, it is leather, it is soft, and I travel very frequently. This means packing the Reader in my travel case, and tucking it into airplane seat back pockets. I worry that the leather case, while great around town and at home, isn't sufficient protection for a real Road Warrior Reader like me.
So, I want a hard metal case, which hinges completely shut, and latches. Yet, when open, is comfortable enough to hold and read. A soft interior lining. Felt? Suede? Would the Reader sit completely recessed in the cover "bottom", and the "lid" swivel away? Or would the Reader use the clips, letting both "doors" open away? Or could I build something with "sleeves" that I could use, tucking the original cases covers inside?