I received my black one today too. Shipping via US Postal Service was fast! Purchased on Friday of last week, and received today. So far, I'm liking this case better than my Apple case. It (the Yoobao) feels more sturdy to me, without being too thick. The leather (if it's real leather...the jury is still out on that one) feels great. It has all the functionality of the Apple case that I love, but not the material of the Apple case (which I hate). The Apple case material seems to pick up every piece of dirt and lint anywhere near my iPad, and it builds up heavily along the inside edge of the case where it meets the screen. I don't see this "leather" case doing that. I love the looks of this case. It looks really elegant and appears that you are carrying a journal or dayplanner, and doesn't scream "iPad" like the Apple case does with the logo on the front.
As far as not having the flap on the inside edge to hold the iPad in, my case is fitting very, very snug, and I've held the case by the edge with the iPad in it and shook it pretty hard and the iPad barely slid at all, so I'm not too worried about it falling out. Especially since it's open on the INSIDE edge of the case, and there are very, very few times in which that side of my iPad is even exposed to where it could fall out of the case.
All in all, I think this is an excellent case for the iPad, especially considering it's price.