Okay so I've had this case for 8 months now. To start with, let me clarify, if you pay more money you will get a better quality product. But, for 10 pounds this is a bargain.
The pro's:
It fits properly, needs effort to remove so your phone won't fall out even if held upside down.
While it retains its colour, it looks much more expensive than you know it is.
Even after the tab falls off (i tug quite hard and that did take its toll over time, but did last 6 months) it still works, you just need to shake it. In my opinion I prefer the case without the tab anyway.
The con's:
As I said, the tab did come off and if that appeals to you you need to face up to the fact you may need to buy 2/3 of these over a 2 year lifespan of the phone.
The colour has now faded slightly, but it's more the black fading on the areas the metal edges of the phone are.
Verdict:
I think this case is ideal. It's cheap. This means if you lost the case or damaged it, you won't be kicking yourself, like you would if you spent 40+ pounds on a designer one. It's a no frills, protective leather case which makes putting it in your pocket no bigger than if it was just the phone in there. Also, some reviewers have said buy screen protectors, there really is no need. the felt like material on the inside is really good, my iPhone is still in pristine condition.