Just ordered a black folio case...the more i look at the case, the more i appreciate it. i might have gone for the blue, but black was my only option (had to buy it from my carrier).
the stitched leather on each side of the case is glued, and extends out farther than the formed leather portion that the phone seats into -- this will be some pretty decent protection on the top, right and bottom sides. the left side has the leather hinge, which is also good protection. if a drop happens, it's a 50/50 shot as to whether or not the front flap will shield the phone or not (might as well get a glass screen protector).
i had an apple leather case on my iphone 6 and liked it a lot. one of the corners cracked from a drop after a year of use...i was definitely satisfied with it. my phone was completely fine.
i haven't really thought about the "smart" feature of the case (sleep/wake with magnets), but i have a feeling it'll be great. i hope the front flap doesn't flex enough in my pocket to wake up the display often and have an effect on battery life. i guess we'll see. i'm also glad the front flap is flexible since it won't impede the rear camera -- it can be slid out of the way, you don't have to let it dangle while taking pictures.