They are both beautiful, but when looking at the two of them together, I prefer the first one (with rouching). I think it shows off the quality and depth of the leather better.
^^^Interesting that's the main reason I like #2. I love the extra bag on the side. I have a bulga pudding bag and love the little flap pocket on the front. The ruching makes it seem to too busy to me. Hmm, I feel so out of the majority. Maybe I need to reconsider my taste!