I use that same Yoobao leather case on my iPad 3 64gb 4g only mine is the black one.
This was the 3rd case which I tried within a few weeks of getting my ipad3 when it was released in March. The Yoobao executive case is really good, if this one ever gets tatty I will definitely buy another, it's made of genuine leather, and really gives good protection as it covers the vulnerable iPad edges completely. The fit is very good indeed, one of the things I like is the fact it doesn't add much bulk to the iPad unlike some cases, the auto shutoff works every time too when you close the cover.
I should add that it doesn't take much to open the cover as only the magnet keeps it shut, so in the event it got dropped, though the edges are protected well, there's the possibility the cover may come open. Thankfully... never dropped it to find out...lol
I've never noticed any heat issues at all with my iPad even after charging, I've tried feeling for warm arrears using the back of my hand across the case but I personally have barely noticed any at all. Even after a full recharge I can just about detect a very slight hint of warmth in one small area near the edge where the voltage regulator heat sink is stuck to the rear case.
IMO this case is superb for the money and fits the new iPad like a glove.