I received my Kindle pouch today, and I like it, but I think it's important to note that it is definitely NOT neoprene. The material is a sort of slightly padded cloth, about two or three millimeters thick, with the same outer appearance (as can be seen in the product photo) as the neoprene you might find on a laptop cover or wetsuit. The inside is soft and smooth. Unlike neoprene (which is a sort of foamy rubber material), there's no rubber component at all. It's probably not especially shock-absorbent or water-resistant, so if those things are important to you, I'd avoid this product.
That said, I think this pouch is rather nice. My Kindle Touch fits into it perfectly, with just a little room at the top or bottom and an easy-but-snug fit at the sides. The velcro closure seems secure. Because the material is not very thick and not at all stiff, the flap folds nicely and stays reasonably flat; it doesn't seem like it's likely to come open in my bag. The construction of the pouch seems to be reasonably good -- it certainly doesn't appear flimsy or poorly made. All in all, I feel like my Kindle is protected enough to be in my backpack and not risk getting scratched or beaten up too much. But I might want something more protective if I thought I might drop the thing or get it wet.
Although I quite like the product, I'm giving it three stars instead of four for having a misleading title/description.