I received my case/wallet yesterday. I must say that I am rather impressed with it, especially considering the price & the 'extras'.
The wallet itself certainly appears to be leather and all of the seams appear evenly sewn. It holds the Kindle-3 very snugly. You would be hard pressed to make the Kindle disengage from the wallet.
I like the fact that the latch is magnetic, making it less fiddly to close. It also allows you to 'snap' it, when the cover is folded back into the reading position.
I've not tried the LED reading light as of yet, as I have to recharge my AAA batteries. Assuming it works, it will come in handy; as when our overnight flight from the US to Schiphol, on which the reading lights in our section of the plane were not working!
The flexible neck appears to allow for enough adjustment to avoid 'hot spots' on the screen; which seems to be a common complaint with Kindle reading lamps. And as an added plus, the back of the battery pack is flat, allowing one to set the lamp on a flat surface and use it for additional purposes.
The screen protector is a nice addition. It is a little finicky to apply, avoiding air bubbles but a welcome extra.
All and all, I am quite happy that my research brought me to purchasing this case.