Infernoguy
You mention the "Apple Leather Case". It is a sleeve and not a case. As far as the price, it is, in my opinion, fairly priced. The Leather quality is superb. If you look at quality manufacturers, such as Pad and Quill or SFbags, their choices are similarly priced.
I had the Apple Leather Sleeve and returned it. Not because of the quality, but, since I was not taking my IPP out of the house, I felt the utility of the sleeve would be limited. On the infrequent occasions that I take my iPad outside, I have a great shoulder bag that was specifically designed for the iPad. It has a special built in sleeve.
Moreover, I felt that while the Leather Sleeve works with the ASK, the fit it tight and you really have to work to get it in and out. I am sure the Leather would stretch over time, but after 10 days, it was still a tight fit. It works much better with the Leather Smart Cover, I might add.
Again, the sleeve has a lot going for it, depending on your use pattern, but it does not offer the protection of a case.