I don't think the case will come in over a pound. Well, I do see it listed at that weight on their website, but I'm hoping that might be a mistake or the shipping weight. The Viewscape and Truss iPad 2 case are both several ounces under a pound. The Versavu goes over a pound. I just don't see this slim case being that heavy, but who knows. If it is, I may often pop it out of the case.
As far as the hole in back goes, I don't think it is about being pretentious. I mean, it will be obvious enough you have an iPad. (Well, maybe some will think it is a Samsung Galaxy tab, lol). I think it is more an aesthetic design choice. I think it works REALLY well to break up the back, which would otherwise look like a flat slab of monotonous color. With the opening, it provides a nice contrast that looks aesthetically pleasing, and classy with the contrasting stitching. But, that's just my opinion...