I like it, simple and it blends the best of both worlds - leather and kydex. I've been tinkering with my BK2 sheath recently. Until just this week the sheath was bone-stock, but I finally decided to start making some alterations. I removed the nylon web loop and mounted a Tek-Lok. An improvement but this leatherwork that you show here is actually an idea I may try. I like my sheath to ride high on my side and close - no flopping around against my leg, so a low mount is out. Sitting in my truck, sitting in a chair, etc is a pain in the neck if it's too low.
I do plan to order a SageWoodGear sheath in the next few weeks, but I do have plans for the stock sheath too.