So I've been using the case for a month now (since 12th Oct 2010), I think it is appropriate for me to do a simple review here. You will find it useful to decide whether it is for you or not, provided that it is a ~HK$800 case, you don't want to make the wrong choice.
Simply said, if you are using your iPad mostly lying flat or on conference table and you need that professional look, it suits you well. But if you also use it casually on sofas, bedroom or in transit, I wouldn't recommend it.
It is a great idea to have a hybrid and Moleskine did a great job fulfilling both analog and digital needs in one product. The draw back is its weight and clumsiness when you need mobility at the same time.
Although it is thoughtful to allow both lefties and righties to choose the orientation (you can invert the case and insert the notepad the other way around), for a righty like me, the iPad is on the front cover which makes opening the case a bit too heavy and unstable. Once you loosen the elastic band, you tend to open the case from the back cover, in that case the notepad pages flew. Not a problem if you are using it on a table, but I tend to avoid opening the case in the air.
One serious design flaw IMHO is that when the case is closed, because of the soft spine, the front and back cover is not snapped into an exact secure closure, as a result the edge of the PU holding the iPad rubs against the notepad. Soon you will find the notepad frays on the edge. Not a good sight.
I am perfectly happy with the quality of the cover even though after a month's use the soft spine will show wrinkles, but I can accept that. There is one missing feature given that it is mostly intended to be used on a table, a pen holder. Well, in fact I think we need two pen holders. One for your typical pen, the other for a stylus.
In case you wondered, I've tested 3 stylus for iPad: Just Mobile's AluPen, Tunewear's Tunepencil and Elago's Stylus Pen with Clip. The one you've seen in picture is from Elago and so far I think it is the best in the market because of its handy size and reliable tip.