I just got mine two days ago and LOVE it. I live in Manhattan and have been using wallet cases for 4 years since it's one less thing to have to carry around. That being said, when I'm sitting around at home or at my desk at work, I don't need to be holding my wallet in my hand just to use my phone. Also there are many instances when I don't need my wallet with me and would prefer not to have the bulk (going for a run, the gym, etc). So now, I have the MagSafe wallet. Attaches to my phone when I'm on the go, but removable when I'm not to enjoy the nice form factor of my iPhone mini. And now I can wirelessly charge by popping it off and placing it on a charging mat. I love it, I think it's perfect.
Yes it only carries 3 cards, but with the ubiquity of contactless payments in the city, there's no reason to carry a full wallet around anymore. All my insurance cards are saved as PDFs on my phone. I pretty much only need a card for restaurants and my ID.
also, not sure what all these YouTube reviewers were talking about when they said the magnetic strength sucks and that it slides off when you put it in your pocket. This thing sticks on pretty dang well, both with the MagSafe case on and without it. I'm a proud homosexual who wears some pretty tight pants and haven't had any issues with putting it in my pocket. Maybe Apple put stronger magnets in them after the initial reviewers gave negative reviews? Who knows.