I buy a new wallet once every few years, and I like to go for one that is well-designed and well-constructed. This particular wallet meets all of these requirements at  price that is tough to beat.

A quick overview:
- There are six credit card slots, a window in the middle for an ID, and the main pocket for cash. There are also two hidden pockets in the flaps (there is no hidden pocket behind the photo ID slot).
- The main pocket does not have a divider down the middle for separating cash and receipts. I liked the one I had in my old wallet, but it's not a dealbreaker for me.
- The wallet is indeed constructed of leather, and it has a very faint new leather scent (but you'd really have to put your nose up to it to notice).
- Your ID slides into the ID slot on the right side
- The pockets for the credit cards are a bit snug. However, this is expected. Since the leather stretches over time, the pockets should start snug and then gradually loosen to accommodate your cards more comfortably. Even with this snug starting fit, you shouldn't have trouble getting one card into each pocket.
- Similarly, the wallet as a whole starts out feeling pretty stiff. But over time, the leather will break in and soften, making the wallet much more comfortable to have in your pocket.
- The wallet is average thickness, slightly thinner than my last wallet (a Columbia leather trifold).
- Finally, the build quality is very good, on par with wallets I have seen at department stores in the $50 price range.

At the current $10 asking price, this wallet is a great bargain. I don't expect to be needing another wallet again for a long long time.

UPDATE 5/14/14
I've had the wallet for a little over a year and a half now. As expected, the tight pockets have gradually stretched to be a perfect fit for my cards. Otherwise, the wallet is holding up great with no damage or fraying at any of its seams. In a few years, when it finally does kick the bucket, my first thought will be to come back to this page and buy the same one again.

UPDATE 4/26/2017:
I've had this wallet for nearly 5 years now. The little logo on the front has fallen off, but otherwise it is still working great. The seams and pockets are all still in excellent condition. Looks like I'll be hanging onto this for another couple of years!