I just got this quilted Kindle 3 cover as a gift for a friend and the same in another fabric for myself. We are both in love with it. It's a perfect fit, light weight, padded without being bulky, closes securely with a button and loop, and opens on the side (rather than the top) so I don't have to take the case out of my purse; I can just unbutton the case and slip the Kindle out and back in.

It's not hard-sided or thickly padded, so if you're going to be rough with your purse or pack it might not do. But it's perfect for the way my friend and I handle our purses.