Received this case yesterday from Blackberryden.com. I think I paid $36 with 2nd day shipping.
I haven't had time to take pictures yet...it looks quite similar to the Milante foam case 6 month review that was just posted. Here is the link for stock pictures: Blackberry Cases - Monaco Apex Hydro 8700 Case - Black w/Sleeper
I ordered this case along with the Rim leather vertical case for comparison. Material wise, this case does not have the quality feel of the Rim leather case but the quality still seems to be more then acceptable. BB slides in and out easily and it is more protected then in the Rim version...even though the Rim case has a full flap. When the BB is in the Monaco case, the top of the case slight closes over the top of the BB for a very secure feel.
So far, the sleeper function works perfectly and the cut out on the back for the speaker is a nice touch.
My only complaint about it in comparison to the Rim case is the clip. The clip is again similar to the one I saw on the Milante case but more of a suede finish. It does rotate with a ratchet mechanisim. The ratchet feater is quite as strong as on the Rim case so it tends to twist a little more if sitting for example..although this might actually be good. It doesn't feel quite as secure on my belt as either of my Rim cases...not that it feels like it will fall of but just that it would take quite as much knocking around as the Rim case before it got bumped off your belt...and wearing it with jeans and no belt it has a very wobbly feel where the Rim case felt pretty secure.
Overall though, I think I will use this case more because it protects the BB better and has a slightly "slimmer" feel while wearing it.