iPad naked fits great
iPad w/ Smart Keyboard fits good. just a little snug pushing in & removing.
iPad w/ Smart Keyboard & pencil fits OK. Pencil bulges on the back. not sure if this happens with the 9.7 w/ skb but I would assume it does.
Me personally... I am going to return it and wait for the 10.5 version cases they release.
The sleeve itself looks beautiful though just to snug to spend $40 on it when the 10.5 version is most like coming soon.