Just received mine. I like it quite a bit!
Fit on the 3rd gen iPad is pretty good. It does have very slight bowing at the back, which (if you're looking directly for it) hits the Smart Cover cutout, so I don't think will be completely dust-tight. In practice, I don't notice the bowing, at least yet.
The camera, btw, centers well in the case (as does everything else), with maybe a half mm of space around it. There's no vignetting. Speaker is completely covered. The grill doesn't line up exactly with the holes for the speaker, but output volume seems fine regardless. Aside from the camera being tighter, pics above are all accurate.
The case is thinner than I expected. It's pretty comparable to other plastic back shells--probably a little thicker than the Feather, but around the same as the Belkin Snap Shield.
The plastic seems a little softer overall than, say, the Snap Shield, which I think will keep it from cracking quite as easily. It is very easy to crease with a fingernail, though, so I'm a little concerned about scratching being obvious over time. Fingernail creases do eventually come out, so maybe it'll self-heal OK.
Nobody will mistake this for leather, btw. The slightly irregular texture is nice for hiding fingerprints just a little, and does look nice enough, but it doesn't show much grain (fake or otherwise).
Main con is slightly rough edges on the right (non-hinge) side, where I think it mold-released. I've been able to smooth them down some with a fingernail--which is where I discovered that the case creases easily.
Also, the back magnet that retains the Smart Cover in book mode seems slightly weaker than the ones on the Vedo and Snap Shield. It works, but it's a little easier to peel the cover away, whether intentionally or accidentally.
Overall, I like this better than the Vedo. It's lighter and thinner, and looks at least as elegant if not a little more. It's also nice to have my clicky volume keys back! I will miss seeing the beloved Apple logo, and it'll be interesting to see how the case holds up over time re: scratches, but I think I'll be sticking with this one.