I like the concept, but $35 for an old book cover and a couple pieces of elastic? For starters, I'd worry about the Kindle slipping out vertically, and you're right - the placement on those straps is nonideal. I have a Built neoprene sleeve for mine and love it. The part I love most is that it protects the Kindle while I'm carrying it around and if I drop it, but it's also super-easy to get the Kindle in and out at a whim, it's machine washable, and I can just put the Kindle in upside down while I'm charging it.