I think it is reasonably priced (although it's not clear if it's the same price as version 1, $20), and that it looks like quality. And just looks good. Kinda like bondage gear for your iPad. :-)
Thanks for your comments. The leather is functional in that it strengthens the band and provides a tighter grip on your hand, so it feels more secure. The X-Band will go on sale tomorrow afternoon for $21.99, that is why you cannot find them to purchase - yet.
The X-Band was designed specifically for using the iPad to display information to small groups of people, freeing one hand to operate the device and make a presentation. I have had people tell me that they use it for reading. One person in particular likes it when he is relaxing on a couch or laying in bed. So the answer is, yes, you can read with it, but it is really designed to show others the face of the iPad, not yourself.
Thanks for your interest, and take a look at the web site tomorrow, there will be more information about purchasing.