I bought this case because the one that I wanted to get (Sena Ultraslim pouch) would not be available until a month after the iPhone 5 came out, so I needed an interim case. Also, the price for this was really good (£3.99).
I've been using the case for a couple of days now, and my impressions are good. The case is well made; upon close inspection you can tell it's not "proper" leather, but it looks fine.
To be honest, there's not much wrong with the case, here are a few things I noticed:
Sometimes when you try and put the phone in, it seems to go in about 70% of the way and then catch on the ribbon that is used to pull the phone out of the case, but you can just pull the ribbon a bit to release it and then push it all the way in.
Also, if you want to use your headphones with the case, then you'll need to put your phone into the case upside down. This is because there are no holes in the bottom of the case and the iPhone 5's headphone socket is at the bottom of the phone now.
When I take the phone out of the case to use it, I rest the phone on the case and hold them both in my hand. However, if I put the phone on the front of the case then the ribbon and the magnetic catch sometimes flop over and dangle in front of the screen; resting the phone on the back of the case solves this problem.
I give this 5 stars because it really is amazing value. I'm still planning to get my replacement case once it becomes available, but I am happy to use this one in the meantime.