Absolutely beautiful design. Very happy with it indeed. Had a problem with the first one which was sent to me which had some weird white stain thing on it but I contacted the seller who was very helpful and offered to send me a replacement within a few days.
As others have said, this case is big enough to have the smart cover on when inside and fits well. It is a looser without a smart cover but still secure enough because of the strong Velcro strap which goes across the top opening.
At first I wasnt sure whether this would be enough protection inside my bag but I've since discovered that it certainly is. I've used it inside my bag to carry my iPad around with me and it's been great.
I think it's actually genuine leather too - at least it smells like it is and feels like it. I had originally bought this to use for meetings where something a little more plush was called for than my neoprene zip up case. Actually, since getting this, I've been using it all the time both indoors as a cover for when I'm not using the iPad as well as to protect it inside my bag when I'm out and about.