This is purely from what I can tell from the pictures and the little bit I've read about them. But here goes...
Advantages: Real leather; the reader sits flush with back cover, so folding the cover back onto itself is easier (as opposed to the OEM cover which sticks out a bit on the device-side when you fold the cover back); storage pockets.
Disadvantages: Doesn't have magnets like the OEM cover; slightly bulkier; has leather closure/flap that may or may not get in the way; some people don't like the corner strap mounting mechanism.
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