I just got my first LP bag, and the leather is amazingly soft, supple, and just...well, I want to keep touching it. It's beautiful. I've not owned many designer bags, but I've felt a lot of them at the stores (sounds awful, eh?), and only one Marc by Marc Jacobs bag came close to the soft texture of the leather; still didn't beat it or even match it, but the one purple bag I drooled over was close.
What I find most suprising about the clutch I got is the softness is combined with some sheen. Not patent sheen, but still some sheen. Usually, soft doesn't go with sheen from what I've seen/tried.
Personally, the pebbled leathers don't appeal to me, but I saw some last week and they, too, were totally soft. Usually, embossed leathers are not so soft.