The tension on the hinge of the folder is perfect: not too tense, not too loose. It opens easily and will lay flat on any work surface. In case I didn't actually know who they are or what it was, the words "welcome to apple" adorn the inner flap.
Tab separators along the tops of the section allow me to quickly find the files that I need. If you're not familiar with paper technology, this is not unlike the "tab" widgets you might see along the top of a browser window such as Firefox and Safari. They work by placing your finger on top of the desired "tab" and lightly pulling. Perfectly intuitive.
Previewed at WWDC, launching in the fall.