Got my revised Sheath today. No ring out of the box, faint one appears when installed which will no doubt get worse as the previous one did. Rubbish.
Goes away again when removed so although improved it's not good enough. Volume buttons a bit better, still not as good as the power button and the Action button is better but again still not great.
I may have used it if it wasn't for the Smartish Gripmunk, which is a similar style case but better in every way apart from slightly weaker magnet.
Doubt I'll bother with a Sheath again.