Received mine today and wanted to share some pics. I'm a big fan of these cases. Cutout is there for 2nd microphone. Magnets work fine for sleep/wake functions. The photos show the 1st gen iPad mini along with the new one.
Got mine today .... the good news is the smell is barely noticeable but if you put your nose to the inside liner you can smell the smell I am referring to. Just multiply that smell by 1000 times and that's how bad the original one for my Mini-1 was. I had to turn on my housefan to clear out the smell on the original. This one is much better stink-wise.
The bad (well, maybe good ) news is I lost my "P" (no I'm not incontinent) and "E". Both letters had fallen off in the package. So I simply pulled off the rest of them which I much preferred. They aren't on too well which in the end was good.