I have a Kindle and want a case for it. I'm considering three options
(i) A genuine Kindle leather (non-light) for about £28
Well made. Looks good. Leather. Minimum size. Neat fixing without elastic loops - though I have read some complaints about it working loose.
(ii) An M-Edge Executive plus m-edge e-luminator for about £35
Well made. Looks good. Not leather (PU). Adds swidth to store light.
(iii) A generic PU case for about £10
Does the job. Cheap. Actually quite well made.
DURAGADGET Black Genuine Finest Nappa Leather Book Style
I don't think they are real leather although they are a very good PU. I think the Style is very carefully positioned in the text... It's the one I wrote a mini-review on in the other thread.
Regarding your concerns, the cut out doesn't limit access to the keys at all. It's also a snug fit and couldn't possibly fall out.
No light or anything, but then I rarely read in the dark anyway, and the little stand thing at the back is great for being lazy on long train journeys.
I have the official Kindle leather one and have had no problems. When I put it on the shelf it looks like some kind of ancient intellectual book too which is a bonus!