Yes, definitely softened up and (depending on how many cards I cram into it) feels like it "thinned out. It's very sleek and unobtrusive in a pocket. One thing I want to stress though is that it never feels shoddy or like it's wearing out. More like "breaking in" - it gets better with age and you can tell the quality over time.
BTW - the gray looks awesome. I don't remember seeing that version when I got mine. Enjoy it!