Cover arrived today, and was a bit disappointing.
First, the looks - the image shows a dark/brown cover, with stitching of a different color. The one I received today is completely black, and the fake leather feels somewhat cheaper.
Second, the cardholder. Adding just two credit/debit cards will make the case much harder to close. That is a bit annoying as an extra millimeter or two of material on the back would have prevented that.
On the plus side, there's obviously the price, which is hard to beat, the magnet, which is doing a good job, and the various openings, which show the product is really tailor-made for the phone.
Overall, maybe not an absolute bargain, but still a decent solution until another manufacturer comes up with a proper cardholder/phone case combo for the Nexus 4.