I just bought a First Marron (my first b-bag!) from the Bal store in NY. Kim had shown me one example of all the colors I was looking at, and I was very happy with the Marron I chose. When I got it home, I noticed there was a small tear in the leather right by a seam on the bottom, so I took it back for an exchange. No problem.
Now here's the important part -- Kim brought out a bag, definitely a First, definitely Marron, but it looked completely different. Whereas the bag I had chosen was less distressed (I didn't know it at the time because I saw only one and didn't have anything to compare it to), the new bag Kim brought out was HIGHLY distressed. And I didn't like it as much (in fact, not at all -- I wouldn't have bought it)! So she brought out ALL the Firsts in Marron so I could choose and there was one very similar to the one I was returning. The rest were highly distressed.
I realize that I'm one of those people who likes a little distress, but not over the top crazy distress. It's all a matter of personal taste. The stores have the full range, so it's best to talk to a SA or e-mail a photo of the level of distress you want/will accept, rather than leave it up to chance. And the SAs are so good that they really do want you to be happy with your bag. I've read in posts that Joseph in NY is also very good about matching a bag's distress level to what the client wants.
So, getting to the question -- my Marron First has gorgeous leather...supple, not dry, slouchy in all the right places, just enough distress to amplify the character of the bag but not so much that it's shocking.
I wish I had a digital camera so I could show instead of tell!
Kim said the leather they're using now is pretty much what they were using in 05.