It certainly is a very sharp looking case (I got the cement style) and the feel of the fabric is nice. I can't recall another case I've had where a few people have actually proactively commented on how cool the case looks.
For the past week, I've been alternating between the Google case and the Speck Grip.
I work in NYC and am out and about on the street a lot and generally feel more comfortable with the Speck.
Lack of bottom protection isn't a deal breaker, but I do miss it. I don't get the sense it would take a drop as well as other cases, and the lack of a front lip makes me worry about the front glass protection. Buttons are super easy to press.
Bottom line, this will be the case I'll use when I'm in a mellow environment and want to impress. I think I'll be using the Speck the majority of the time though.