For the JB Project, I did Jeremy's ammo belt in leather, and like it so much, I decided to do my own that way, with one exception: mine would be hand-stitched!
Here's a shot of the first seven pouch covers:
These take me about 30-45 minutes apiece to stitch after the holes are punched, but I'm extremely happy with the progress so far! Just as I did with the vinyl belts, I always make a few extra covers, and pick the best of the bunch for the final belt.
I'll add more pics throughout the rest of the project.
Please note: I am NOT mass-producing these! 99CentTaco is making fantastic leather belts in another thread, so PM him for details.