OK, I don't have either one, but since no owners have appeared yet .... after looking at the pics and vids, I definitely like the Valentinus better. It looks to be a higher quality plus it has the extra pocket, and real leather holds up well. Were I purchasing one for myself I'd definitely go for that one.
If it's for a younger woman the illuzion looks less formal so maybe that in a bright color would be a better choice. For a man or a businesswoman, the leather one looks better.
That's my opinion and worth every penny you paid for it.