Just to avoid any confusion, this case is NOT for the iPad 2. For the original iPad, however, it's a fantastic value and well worth picking up.
I'm not actually certain it's genuine leather, but it's soft to the touch and in my opinion, it doesn't look cheap or "fake". It's sufficiently padded on all sides, and though the cover *could* be slightly more durable, it will be more than enough for most people. I bought the red one, and it's a bright, vibrant red, just as shown in the photo. The magnetic clasp holds really well, and it's securely sewn into the cover. You won't have to worry about it coming loose and falling off. The overall craftmanship is decent, too - no loose stitches or loose threads sticking out and threatening to unravel.
If you need an inexpensive backup case, or if you're just looking for something functional and don't want to have to pay ridiculous prices, this case is a great option.