It's a black Proenza Schouler clutch/iPad case. It's made out of buttery-soft luxurious leather and gives out this casual-chic vibe.
As you can see it can fit a lot more than an iPad (pictured here with the iPad 2) and can be used for travelling as a document pouch which can easily be worn on nights out too. I got mine for a crazy good deal, but now that I own it, I wouldn't mind paying it full priced either. Next on my wishlist is the PS11 bag, I just have to decide what color I really want - classic black or something more seasonal?
You can get your own at Net-a-porter.