That style of belt is said to have a "feathered edge" (sometimes referred to as a "drop edge"), as opposed to a stitched edge. I don't believe that this design is meant to cut corners by not having to stitch the belt, but rather because some people prefer no stitches to show on the outside, for perhaps what is seen as a cleaner appearance. Several of A-E's belt offerings are of this design, and their prices are equivalent to their edge-stitched models.
However, I have a number of A-E belts--which have always struck me as quite nice--and I have had a similar, but more general, question about how a belt expert would rate them in comparison with other available belts--given all the components that make for a great belt (quality of leather, interior padding, lining, stitching, leather finishing, buckle, etc.). Fortunately, the forum has such an expert whom we need to call forth now:
MeaCulpa, are you there? Your assistance would be greatly appreciated.