As you can tell from my Avatar, I am partial to the regular satchel. I LOVE the shape. I ordered a Pleated last PCE, and because I am very petite, it looked like a briefcase, so I didn't keep her.
I agree with the other ladies, finding things in the Pleated Satchel, would be extraordinarily difficult! I sometimes even have trouble with my Regular Satchel, with the compartments overlapping and that is annoying all on its own - the bigger bag would drive me nuts!
The Regular Satchel is more detailed. And the shape is timeless, but different. I get a TON of compliments. One thing to note in either case: not sure if you're considering a color, but I notice that the leather has faded overtime and has some small spots of discoloration, not sure if they're waterspots or from one of my many Starbucks drinks.