For the price, you cannot grumble at all (£5 when I got it). Ipod fits in there fine (160gb classic), all necessary connectors exposed. Looks much better quality that you would expect for the price and somehow even better quality than the pictures indicate. As another reviewer stated, the material is not shiny but has a nice soft leather feel. Also has a slight 'padded' feel to the case which is reassuring.
I almost went for a £27 black solid plastic case (which I thought looked very cool). I'm glad I didn't as that price I feel is just a bit extortionate, and I don't feel that it would offer any better protection. I had an older 'classic' ipod, (the 30gb which is roughly the same size as this) - and for that I had a solid plastic case job. But sometimes you want to take the ipod out of its case occasionally, to play with it in your hands - and I found that when you do that with a solid case and then put it back in, bits of grit can get in there also which can scratch the device over time.
Also I prefer this 'book' style opening to a 'flip' open case as it just seems to be easier to operate the device when your on the move... i.e. on a flip open case the front part has to be open some way before you can get at the dial, but with the 'book' opening ones you can have a finger or thumb on the dial even with the device in your pocket.
The case also has a little strap tucked away discretely inside... I haven't used this yet but as I like to go for walks with the ipod in my hand this could be really useful just hooked around one finger and help prevent me dropping it / sliding out of my hand (which eventually killed my last ipod!). There is a tendency to get the most expensive case for your valuable iPod, but after owning a couple of different cases for different ipods, I really don't think that they do any better job.