I just put mine on yesterday and I really like it. There definitely a premium pricetag for the design but I would not call it overpriced for what you get.
The bumper is a harder rubber type material so it is firm but it is not hard. The cutouts align perfectly with all of the holes and the buttons are covered but there is a raised area of the case where the buttons one were (the same shape and size of the buttons it is covering) and it is very responsive. The bumper wraps slightly over the front of the phone so I can safely put it face down and not worry about scratches. Unlike some rubbery materials it is not tacky at all so there is no pocket lint build up. It also slides in and out of your pocket without sticking. The downside it it does not add any grippy texture while you are holding it which some people prefer.
The back shell of the case is hard plastic. It feels similar to the material of the battery door but a little more plasticy but I believe this is attributed to the thickness vs the battery door. It has the Samsung logo and the note 2 logo printed on it.
It is much nicer than the $5 ebay special cases of similar design.
Protection wise it clearly does not offer the same lever of protection as my otterbox communicator did on my S2 but it is also substantially thinner that full protection cases. It adds little bulk and in my pocket I cant tell the difference in size at all. If you are prone to drop your phone from any height to the ground this case is not for you, however if you are looking for the ability to gently toss your phone on your desk or table I an confident in the protection it provides.