For a time I had my Touch in this on this one: (different cover pattern & colour but the guts of it are the same)
http://www.lightwedge.com/Shop/Cover...ique-Cover-Tan
The Glo is 1cm (10mm) shorter than the Touch but about the same width so you will have more of the cover boardering around your reader. The straps do hold very well, and as you suspected the one on the upper right corner can get in the way at times but it is moveable and didn't trigger sleep mode on my Touch when adjusted.
Overall construction of the cover quite nice, it feels great in the hand or hands depending on your read style. The cover does fold around and the black suede material doesn't slip in your hand (also this same effect helps holds the reader from sliding around in combination with the straps).
I returned it because I have the white/silver Touch and was concerned about the black colour of the interior fabric (fake suede) leaving black on it. The reason this concerned me was that cardboard insert which was part of the packaging, inserted into the pocket did have some black staining on it, and had read online that a minority other owners had “grey marks” on their reader. I later learned that if some of the colour does transfer to your Kobo you can easily take if off by way of a mix of 50% water to 50% pure isopropyl alcohol. Again, if your Glo is black this will not be an issue, and there are many owners that never have had any colour transfer or staining so I feel mine was probably just from bad production run (lucky me). Had the store had stock I would have tried another one, but they didn’t.
Finally, since the Verso cover has a pocket and as the Glo responds to any magnet you can easily get a small flat rare earth magnet and insert it into the pocket and have all the benefits of a "sleep cover" but with increased style.
T.