I, too have the Product Red Leather case, and it looks like the pix posted above. I'm starting to question how this was manufactured; for example, how did they get the leather so thin? As stated in an earlier post, it looks like there's a structural inner liner, and the leather is bonded to it somehow. Could this be like a highly processed lunch meat, where everything is tossed in a hopper, ground to a pulp and then reconstituted in a mold? They can still legally call it turkey meat, but it's far removed from Natures original idea.
Whatever, it just doesn't seem like the usual Apple quality that I'm accustomed to.
I really can't judge the Apple Product RED Leather case because I don't have one, but my Apple Product Black Leather case SCREAMS QUALITY and PROFESSIONALISM and be honest it meets my standards from Apple that I am accustomed to. My Apple Product Black leather case is well constructed.