So mine has arrived. It's a very nice case. Pictures posted are pretty much exactly it.
The bottom leather "frame" edge very slightly encroaches upon the home button but so far hasn't impeded the fingerprint scanner. Swiping left or right when in portrait mode is a bit challenging as the leather comes right to the edge of the LCD panel. Sometimes I have to swipe a few times to make it work. Sometimes I give up and use the back/forward buttons on Safari instead.
The "smart" wake/sleep feature works like a charm. Sometimes a problem with 3rd party cases.
Don't expect much padding - there isn't any. It's leather with a thin microsuede lining right up against the iPad itself, but it does make for a low-profile case. The Pencil loop works well but I feel it could be just a hair tighter. The front flap is a little bulky when folded behind the iPad for reading and has no magnet to secure it the back of the iPad, but I suppose for any case like this it's to be expected. It's kind of like a leather version of the Apple original iPad case, if you remember those.
I haven't decided yet if this is going to be my daily case, but it's towards the top of the list.