I was traveling to the big city over Thanksgiving and bought this cover on impulse for my T1:
http://www.amazon.com/Verso-Kindle-T...2443335&sr=1-1
I wouldn't have risked it online but I had my T1 in hand and tried on the fit in the store. Nice!
Although it doesn't state what the materials are, the look and feel is of a good quality leather. The bungee straps work quite well for the T1. The power button sometimes slips under the bungee, but is still easy to press through the bungee.
It's a very nice cover. Also, they have several other designs. I was very tempted by the red, but went for the funkier sage/brown.