I received my Black Candy Convertible yesterday.  
   - I like it.  I wanted an iPad 1 Apple Made Style cover and this is it!
   - The Faux Nubuck material is excellent for holding the iPad.  Very grippy, but soft on the hands!   I prefer the grippy feel to the slicker aluminum of the iPad, or leather, or plastic.
   - The Faux Nubuck does pick up lint pretty fast.
   - It has an industrial / toxic smell to it.  I only noticed this as I smelled up close to the iPad as requested in this thread.  e.g. I would not have noticed, if I was not looking for it.
   - No magnets for smart functionality.
   - There is an opening for the microphone.
   - The opening for the power button seems slightly off to me.  I can easily get to the power button.  However, the power button is at the lowest point of the opening.
   - I saw a youtube review of this case that stated the case covers the ambient light sensor, but I am unsure where the ambient light sensor to verify that for myself.