While it is nobody's business but mine whether I plan to read the thing naked, and though I voted "off", I can say that whether I read it cover-on or not will depend on where I am. It just seems wrong (and risky) to take it out of the house with the cover off, and if I'm laying it flat on a surface to read (as when eating), the lump on the back will cause it to not lie straight -- so in those situations, it'll be covered.
I suspect the cover will be going on and off a lot more than with my current PW1. I'll probably have to put it on a neck chain
like a pocketwatch, a pocket-Kindle!