Black leather, a week shy of being a year old.
It's clearly not new out of the box, but it's held up well. It shows that it's been used, like a good leather computer bag, but just adds some character. It doesn't look worn as in frayed or anything. I should probably polish it sometime.
Is it worth $70? I'd really prefer it to have cost substantially less, but it is what it is. There was no dark gray poly smart cover when I bought it, so I didn't have much choice if I wanted black.
I'm super happy I took my chances and didn't include it with my ipad2 when I sold it in February.
I wouldn't get a light colored leather one though. Black or navy you can touch up with shoe polish.