First off, let me state that I am one of the rare people who loved 3.5, and that I realize this book exists to milk money from people. It works.
The first thing I noticed about this book, besides the obvious and well done leather, was the color. The lined the embossing (Partially) and the page edges with a bright silver, leading me to call it the "MPH" or, Mithril Players Handbook. I think a gold would have worked better. Their is also the problem of the page cuts, and that is the pages are almost melded together at some points. Not fatal, but a nuisence un-sticking them. This also leaves the page edges a little frayed, but because I actually plan on USING this book, not much of a concern.
The cover emboss has been simplified from the origional plan, and I must say I have mixed feeling about it. I like the simplfication, as it stands out more, but now the center detail has been filled in with that silver color, which i admit ill probably like once it starts showing a little wear.
In closing, I must say im impressed with the design, and haveing the Erratta is a nice feature too, but if this is your first Players Handbook, it isnt worth it.
Forget collecters this is for fans, and a true fan is shown by the wear on their dice, and the suicidal levels of caffine in their bloodstream, not by the books they carry.