Here is the black leather loop knock off I ordered from Happycell via Amazon. I believe some of you will recognize the packaging... it looks identical to what some other sellers are shipping. I ordered it on July 20th and it shipped from China with an estimated delivery to my home in Washington State between mid to late August. It arrived on August 2nd, so not bad for the free trans-Pacific shipping. At $44.99 I guess it's about $10 USD more than the typical eBay rate. Overall I'm happy with the band, but the key to being happy with it is to avoid inspecting it too closely as you will see in some of the photos. I've received several compliments on the band in the last two days.
Pros: It looks great from a typical viewing distance, and there are no visible gaps looking from a birds-eye view. It's comfortable. The adapters clicked into place securely, and the magnet is definitely adequate. I can't shake it off onto the bed, and I have bombed down hills on rough surfaces on my bicycle at upwards of 30 mph without anything loosening up. The strap length for my 38mm Apple Watch is perfect for my 170mm wrist. The package says it's a Medium strap, but at checkout it only allowed me to say that I had a 38mm watch.
Cons: The adapters are narrower than the original Apple adapters on the Sport Watch, so there is a little extra space at both ends of the adapters. You can see this clearly on the first photo. On the underside you can see that the leather is not quite fitted to the adapter. There are a couple of spots on the band that make me question the long-term durability: A tiny spot on the edge of the adapter where the leather (or leather-like material) has worn off showing a tiny bit of aluminum (you can see this in the first photo). Another spot where there is a tiny little tag hanging off that you can see in another photo. In my opinion these are not fatal flaws because I have to really look hard to see them. I never even noticed the worn spot on the edge of the adapter until I took a macro photo of it. I still don't see it when I look at the watch throughout the day. I could paint-it out if it bugged me, but I never notice it in normal wear. It shows up well in this macro shot because of the lighting.
Is it real leather? I don't know! It feels and looks good and leather-like. It doesn't smell like leather (completely odorless as far as I can tell). I did try on the Apple leather loop in the Apple Store, but that was too long ago for me to say how well this knock off compares in terms of the finer details. I am quite happy with this band given the price... for now. I do have some concern about how well it will wear over time. If I'm seeing a tiny bare spot and a tiny hanging piece now, is that an indication that it will start to look rough around all the edges in a few months? How securely connected are the links inside the band? If the leather (or leather-like material) wears out will the integrity of the band suffer? I guess I will find out, but I won't go out of my way to test the durability of this band. I will wear my Sport band when I expect to get really sweaty or physical, and my default daily band will probably be my brown leather Clockwork Synergy band - which seems like it will only get better as it gets worn in. So I will keep this black leather loop for more occasional wear, although after a couple of days I think I can say it's the most comfortable of the three bands I now own. Not that the other two are uncomfortable. I find all three to be comfortable, but the leather loop has the advantage of being infinitely adjustable. It's also thinner than the other two, so in some ways it seems less sweaty in hot weather.
Here you go: 38mm Apple Watch Sport and a 170mm wrist size. Fantastic product features listed on the box.