Received my CoverBuddy tonight and I really like it so far. I got the red, and I remember seeing in the 1st Gen iPad mini thread that the red CoverBuddy did not match the red Smart Cover very well. It appears they have corrected it as the shades of red a pretty close. I can also confirm that there is now a cut out for the switch and volume button, but that does not bother me. I think it would been more of a big deal if they changed the cut out for the lightning port and speaker grills, but those have remained the same. The matte rubber has a nice feel and is comfortable to hold.
Anyone with the previous version know if the CoverBuddy will fit if a skin is installed on the iPad mini? I might try a skin or might just try to see if I can cut a skin just for the smart cover cut out.