Finally got in the black Sheath with the CC button a couple of days ago. It's a good case and the button works fine, but I wouldn't call it perfection. The button looks like it was just glued into the plastic sides of the case. I'm just nit picking here, it is what it is. Also, the Magsafe seems a quite weak on the new Sheath case. I do however really like the Caudabe colored buttons. These buttons seem to be of much higher quality than the Phone Rebel ones.
Still no action on the Paragon, eucalyptus Sheath and 3 sets of buttons I ordered on May 2nd.
Here are some quick pics: