It may be both. The outside seems like real leather but the inside liner seems like faux leather.

Dale
It's a nice case, just a horrid colour
omro, I've been considering putting neatsfoot oil on the cover to see if it'd darken a tad.
Horrid is a very strong word. It is the same color as some cows I have seen.

Dale
Now that I've had my PP for over a week and have taken some time staring and poking at the case, I have some observations about it.

It looks like it's comprised of three layers. The thin outer layer seems to be dyed genuine leather. The middle layer may be foam or some soft pleather (gives the case some springyness). The inside layer is either a reverse leather (meaning the outside of the cow skin) or is some other felt-like engineered fabric.

Overall, it's a hard cover, rather than a soft cover. Not what I was expecting, hence my desire now to purchase a Stylz black soft cover.
I see that Astak is offering a new deal with the PocketPro that doesn't include an SD card. In practicality, is an SD card required for the PocketPro, since firmware updates can only be done using an SD card?
Yes, if you want to do a firmware update. Note that SD cards are now very inexpensive and many people will already have several.
Take it from a woman who has purchased many purses in her lifespan; the case is pleather and the inside is faux suede. It is a nice cover none the less.
No it isn't leather.
Same material as the Sony PRS-505's cover, artificial leather,inside is the same material used on some covers of shoes, fake rough leathery material.
Color sucks indeed, I had preferred black.