Ok..my new m-edge cover came today. Its nicely made but my first impression is that I like the original cover better.

(Admittedly, its probably because I was so used to the old cover).
I should mention that I never had a problem with my the original cover (my Kindle was quite secure with the elastic slipped over the bottom right and without velcro). Never saw the need in spending a lot of money to replace it. Like the Kindle, the original was functional.
I read with my cover folded back and immediately I noticed how the wider spine on the M-Edge (to accomodate the light, I believe). Bending the cover back is awkward. Hopefully, it will soften with use over time. For the first time, I find myself accidentally clicking the page forward keys all the time. Hopefully, my hands just need to adjust.
Not sure what to do with the strap when reading (although I do like how it keeps the cover closed when not in use). I tried slipping it under the Kindle and ended up accidentally turning pages.
Its real leather, nicer looking and better constructed than my original cover. I like the corners...but for me, it doesn't enhance my reading experience with the Kindle.
I really don't like the added bulk This feels more like the daytimer I carry around to meetings at work. I love slipping my Kindle into my (already crowded) purse and the last thing I wanted was something larger in dimension. My original cover looks like a little sister next to the fancier M-Edge.
That being said, I haven't received my light yet which was the motivating factor for replacing my original cover. I've wanted a built in light from day one. So I'm keeping the M-Edge in hopes that the light is well designed and will make the inconvenience of switching to a larger cover worthwhile.