What to look for when buying a new Coach

All good points from everyone. I must add that you should check the leather for tears or rips. Yes, I've had too many experiences with torn leather even from bags that came straight from JAX.
 
I check to make sure the bag doesn't have used chapstick in it. :P I also check to make sure that it is the correct bag.

I don't go over the bag in the store with a fine tooth comb. I take it home and look it over carefully then take it back if there's a flaw.