Alex,
I've got the Toshiba 3-in-1 leather portfolio; I've had it and my M4 for about 3 days.
This portfolio meets almost all your requirements, and while it's not perfect, it does seem pretty good.
It's fairly light and small (although not quite as small/tight a fit as I had hoped). It does fit the M4 Tecra well. There's one outside pocket big enough to hold a pad/paper/not-too-thick book (however, the outside pocket does not close...it also adds some bulk, and I would probably have liked it better without the pocket). It's certainly sturdy enough, has a nice, soft interior so the tablet won't get scratched. It has handles that retract/slide in to the case - a nice touch.
It does not have a shoulder strap, nor attachment points for one. Too bad, I was hoping for this, too. I suspect if you took it to a good leather shop, they could probably add a couple of D-rings at the corners so you could attach a strap. I might try that sometime.
Inside, there are elastic straps to hold the Tecra in place. In theory, you can work with the tablet in the case, either in laptop mode, or in tablet mode. Practically....I have a hard time imagining myself actually using it in tablet mode in the case. The M4 is heavy and bulky enough already, and the case only makes it more so.
I know nothing about the T Case or Targus portfolio - and would be interested in hearing more about them.
Anyway, overall the Toshiba leather portfolio seems pretty good. I'd like it better if it were a bit more minimalist, but it seems reasonable enough to me so far. Hope that helps.




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