It's not bad, but I expected better.
First and most disappointing, leather tips are made of very stiff leather that's crumbling immediately as you touch it. Feels cheap and ugly and I'm afraid it can break very soon.
Second, the strap is symmetrical, i.e. the pad is in the middle of the strap and there are two adjustment buckles on both ends of the strap. When adjusted to the shortest length (~110cm), the pad rests on your back, while the buckle cuts into your shoulder :(
I stitched the forward end of the strap as short as possible, and then it was fine.
Previously I bought a 74B000 (non-padded) version and I liked it more. Leather strap ends were of much better quality, and the strap was wide enough to distribute the load and make heavy guitars feel light on your shoulder, even without padding.
Update after three months of use:
1. After a while, this is my favorite strap. I use it with a very heavy bass and with a very light guitar, and it makes everything better.
2. Leather tips are not so bad. Tips are okay when used with strap locks.
3. I didn't realize you could move the pad inside the strap. Very adjustable actually.
4. The fabric of the strap itself feels very good and comfortable.
5. I use both 74T000 and 74B000, like them both. but the padded one helps so much with heavy guitars.
6. Basically, all my first impressions were wrong. I take it back :)