Well, case No. 2 arrived yesterday and whilst an improvement over the first it's still not 100% perfect, however it's a keeper for now whilst the first goes back.
Interestingly (and backed up by my OH) the quality of the leather on the second one was a huge improvement. The second feels softer, is darker and more like the leather on my older cases. Whilst the first had a very strong leather smell, it looked like pleather compared to the new one. Apart from one natural looking mark (it is leather after all) the back looks fairly even.
The buttons seem better placed on the second and the camera cutout is neater (the first had a bit of flashing and bits of the microfibre hanging over).
However, as you can see in these pics, the corners are still creased (annoyingly more on the top edge than the first case).
As someone posted earlier, the pics on the store are near perfect, now I know Apple always bang on about how they only use real photos of products, but they're either choosing the best from the litter, but as I suspect (since the shape of the case doesn't change when changing the colour choice (or colour of the phone) then they're mocked up either with photoshop or as renders which is somewhat misleading!
Creases above power button and camera cutout.
Creases on corner again, nowhere near as bad as the first case, and certainly not as bunched up inside so shouldn't affect fitment.