Yes, I have both the Apple leather case (in brown, black and red) and the Air Jacket (in clear). The Air Jacket is very thin and fits the iPhone very snugly, adding little bulk or appearance of bulk. The other night when I was showing off my iPhone to friends, one woman didn't even realize that there was any sort of case on it at all. The Air Jacket does not have as much of a "lip" as the Apple Leather case, to the point that I would not set my iPhone face-down on any surface while the Air Jacket was on it.
I prefer the way the Apple leather case feels in my hands, actually, and I also like having the variety of colors from which to choose and the ease of slipping the leather cases on-and-off when I want to change things around a bit.