I've been using this case since December (it was a Christmas gift) & it's far more practical for me than the original cover. Yes, I don't like the fact that the strap on the right partially covers the 0-9 buttons (mainly 0), but since I don't use them that much anyway, it's not a problem for me.
I take my Sony reader nearly everywhere with me in my bag/purse, & I was always worried about the cover opening up while traveling, leaving the screen unprotected from whatever else is in my bag (eg. keys). I no longer have to worry about that with the clasp at the bottom of the tuff-luv case. It's now easier to hold while reading on the train & in bed. I didn't think I'd end up using the stand, but it has come up handy on certain occasions. (Last weekend I used it to prop my reader up on our kitchen counter, so that I could read while eating breakfast.)
So as far as functionality goes I think it's a definite improvement on the original cover. The looks could improve a bit, but that still hasn't stopped me from showing off my ebook reader whenever I get the opportunity.