No more so than any of the usual Folio type cases like the popular UAG case. I'd say it's relatively thin for the features it has, plus it does have good drop protection as well. It's not as thin as the old Apple leather smart cases, but not super thick either -- around a half an inch thick. It's certainly not heavy at all, probably lighter than most leather cases. The part that hugs the iPad is a stiff and light type of TPU, not the very rubbery TPU that tends to be a bit heavy.
The fit and finish is really awesome. Even though it doesn't use real leather like some of the high end cases like Pad & Quill makes, the materials look and feel high quality, and the design is perfect -- all the ports line up really well, and there is attention to detail in every way. For example, the front cover fits in a slight recess between the surrounding bumper when folded closed, yet there is a small tab on the right side to help you open it back up so you don't struggle trying to peel it up from the screen.
The magnetic stand is super strong. You can lift the iPad up on the air and the stand will still hold the angle you set it at. You have to actually pull the magnets apart to collapse the stand. It doesn't matter how hard you tap the screen, it's not going to collapse.
I don't own the pencil, but the design of the pencil holder is perfect since when not in use it doesn't get in the way. It's just an elastic pocket on the back which stays flat when nothing is in it. I prefer this to the other cases that have an exposed loop or plastic part of the case that sticks out and gets in the way, especially for me since I don't own the pencil.
If you look on Amazon, there are about 60 reviews and I think all but one are 5-star reviews, and the other one is 4-stars. That seemed like it was too good to be possible, but I think it really is a great case. The only thing I can even think of that would be an improvement is to add a magnet around back so when the front cover is folded around back when you are using the iPad in your hands, then the cover would hold in place on the back. It doesn't do that, so you have to hold it there with your hand or else it will flop around. The only case I have seen that has this feature is the Moshi Versacover. That's another case I considered, which is also the same price and also has what looks like a very sturdy stand. But in the end I chose the Zugu case because of the multi-angle stand, plus it looks much more classy, while the Moshi case to me looks very much like a cheap $15 Amazon case.