I've been using this with my iPad 2 for a couple of months now and really does a great job at protecting the iPad from nicks and dings in my backpack. The leather feels good out of the box, and is getting even better over time.
I can tell already the leather is going to outlast the iPad. NewerTech used some heavy-duty cow hide on this one and, as a result, the break-in period has taken a bit longer than I would have liked.
For example, it took a while to get the leather to relax enough to get it to stand up as the main image on the page shows. Granted, I use it mainly in the "typing" position (cover tucked in to the flap, but flatter to the desk or my lap) so it isn't that big of a deal to me. In fact, i love that it is able to be propped up that way - keeps my lap cooler when using in my recliner than without.
But, more true to my usage, the magnets to wake/sleep the iPad do seem a bit fickle. I can't just let the case close as it will and rest assured that the iPad indeed went to sleep. I need to make sure the cover is centered on the iPad to assure proper sleep function. Not a deal-breaker on using the case, just something that I needed to get used to to prevent my battery depleting unnecessarily.
Overall, I'd recommend as the look and feel of the leather is fantastic and it provides great protection - even if it does take a bit of time to fully break it in.
I would recommend this item to a friend! This review is from (*) NewerTech The Pad Protector 3 - Slim Leather Folio for Apple iPad 2, 3, 4 - Cognac.