Just got mine today. I really like it a lot so far. To answer your question though, no my cut out for the mute switch is slightly off in that when the mute switch is turned off to allow for sound, it kind of abuts the leather cutout there. Also, the stamps that they put into the leather for the "+" and "-" volume rocker are slightly off as well. Overall though I don't really think this matters. I mean it is leather. It is not going to be perfect.
I will give some more impressions once I get to use it for a few days. So far though, very nice. Love the look of it and the functionality of having the wallet and phone together. I am not a major picture taker with my phone, so the camera cutout is a non-issue for me. If I want to take pictures, I will probably just take it out of the case, which is very easy to do thanks to the design. The leather itself seems pretty nice. Not as nice as my Vaja, but come-on, what do you expect. One thing that I did notice that is somewhat odd however is that the leather strip going down one side of the phone looks like it was cut a bit uneven. That is somewhat odd. Will continue to see how it goes.