I have one of those as well. A few comments, some repetitions:
The good:
Perfect fit. It is very slim and adds very little bulk to the already slim tablet. It is just made for the tab and fits with a snugness that rivals the smart cover for ipad2.
The fold offers a good grip for being on the move carrying it like a closed book. The fold means that you can carry it around in one hand without feeling that you have to grip tight or it will slip out your hand. I have big hands, so it might be irrelevant to someone with small hands, or perhaps even annoying. And pretty irrelevant if you always put it in a bag as well.
It is very sturdy. The rubberized surface appears to be molded on top of a harder material. It does not flex (where it is not supposed to) and gives the impression that it can protect the tablet.
The bad:
It is rubber. So if that is not your thing, look elsewhere. It is nicely textured, but my experiences with this kind of rubber is that it scratches and gets pretty ugly after some time. I have yet to see any scratches on mine, so they could have nailed the compound on this one.
It also in no way feels cheap.
It does not really cover the short sides. It has the plastic bracket at the corners but that is it. It will probably take a direct hit, but will do little to protect it from getting the sides scratched.
The bendy parts will probably wear out pretty quick. Especially due to the way they bend all the way round when the cover is open. They seem pretty stretched when in that position and again, unless the rubber compound is just the right type it will eventually fail.
There is no retention to keep the flap in place while open. It appears to have a magnet of some sorts keeping the closing flap tight when closed. But once open it goes all over the place. A bit annoying when holding the tablet as you have to grip in a way that hold the case flap in place. It still offers a good grip though.
The side that protects the screen is also the side that goes down on the surface when resting in the flat positions. This means that if you place the tablet on a dirty surface you will get it all over the screen. Or even worse, place it on a sandy surface...
Not sure how they could have avoided this. But if you pick this up, make it a habit to brush off the cover flap before you close it.
The most annoying thing though is that Google has not done enough to emphasize the fact that honeycomb is omni-directional. So the apps have not been updated and most of the landscape only apps (most games) has no rotation and as a result plays upside down. It is perhaps unfair to give negative points to a case due to poor app design, but it does impact the usability.
General comments:
About the camera and having to hold the flap. Try looking at someone trying to take a picture with a 10" tablet. Holding the flap is the least of the problems.
For my sake they could have covered up the camera. If for some odd reason I need to take a picture with it, I can take it out of the cover.
I have no need for the audio jack cut out either, but that one might become useful at some time.
For charging you just have to open the closing flap. Mine still allows the cover to be nicely on the screen.
I would much rather have to leave it flat on the table while charging than have to deal with dust and lint in the dock connector.
I only charge at night, so it makes no real difference.
I realize that I have listed far more bad points than good points. But I would still recommend the case. I am pretty anal about my gadgets and prefer them in mint condition, so I am probably more cautious than the average Joe.