^^^This, definitely this.
I am a fan of great leather work in bags (daily tote a saddleback bag), and I can instantly envision the thought and work that went into that brief. The result is stunning; I love the red inside, and the stiching, keyholder, strap keepers, pen loops; pretty much everything looks straighter than hell and clean as can be.
It's like a PhD thesis in leather; congrats on pulling it off so well! Definitely hot. Gorgeous.