Mine came in today too (it's a party, woo!)
I'm...kinda meh, to be really honest, though admittedly it's in comparison to a much more expensive option, a leather Smart Cover + Tucano Vedo TPU back.
Quick rundown:
It's very nice plastic, and the grip ridges are pretty sweet for providing a handhold.
Coverage is great. Only a small sliver of the iPad is exposed when it's closed. All ports are accessible. There's only the smallest amount of clip over the bezel, so the iPad is near-naked with the cover folded back. On/off worked wonderfully.
The microfiber inside the case is nice, even if it does sit on the table when folded back. It'll leave your display much more evenly clean (or oiled) than the Smart Cover, so no lines.
It's an attractive case, overall. Berry is essentially a wine color, and I like it quite a bit. Wish I had a leather Smart Cover this color instead of Apple's red.
Now...the not so good.
It kind of reeks. The outside's fine. The inside fiber smells chemicalish. Think mothballs is what's registering in my head.
I weighed them both, and the weight difference between what I already had and this turns out to be pretty minor. The Smart Cover + Vedo is 251g (8.8 oz). The STM Grip is 235g (8.3 oz).
To my surprise, the STM Grip is -thicker- than the Smart Cover + Vedo, by maybe half a mm or so.
Then there are the various cons already mentioned above, mostly due to the rubbery hinge.
It is very bouncy in typing mode. It's perfectly stable, and reviews that claim widening the kickstand would help are incorrect, as it doesn't move side to side (for me). It's plainly bouncing up and down on the rubber hinge.
The same rubber hinge is what causes the back cover to misalign from the front if not supported in book mode.
The fix here would be a rigid plastic hinge. Of course, that may cause its own issues.
The plastic does show fingerprints rather obviously, which is exacerbated by the fact that they're in the ridges and therefore a little harder to wipe out.
The clip is noticeable in my right hand, though it turns out to also be rubbery and therefore not too uncomfortable. I do miss having a magnet on the back to hold the cover aligned. Luckily, it doesn't slip around all that much, and the misalignment doesn't fire off the Smart Cover magnets spuriously like it does on some other cases.
I have mixed feelings on the stand positions.
The typing mode is higher than the default Apple typing mode, but not higher than the unofficial "alternate typing position" where you fold the last panel back under the iPad again. Plus Apple is rock-solid stable in typing position, vs. the bouncy STM.
The upright mode is significantly less upright than Apple's--good if you're sitting in front of it, not good if you're trying to watch like a TV in your hotel room. And similarly to typing, I can find an "unofficial" position with the Smart Cover that supports the iPad stably in a slightly reclined position.
Conclusion:
I'm going to try this case for a couple of days. Seems only fair to give it a shot. But I suspect I might go back to what I had. The leather looks nicer than the plastic (and will especially as they both age), and there doesn't seem to be a functional advantage to the STM case aside from not leaving lines on the screen.
That said, keep in mind I'm comparing $105 worth of Apple leather + Italian back case to a case that cost $30 from RadTech after a coupon code. If the former wasn't somewhat nicer in some respects, then I'd be even more of a sucker than I already am for paying that.
So for $30, this is a pretty awesome case. For $45, though, I'd say it's just good. The fact that it's one of the best on the market probably says as much about the market as it does this case.