LOVE IT. Mom was a cloth-only person, but when she wanted the Malibu, I was told "with leather". Knowing how she complained about it being hot, sticky, etc. I still wasn't sure and then the fact that the 2LT (the right model) had leather/Ultralux, it worked out perfect. She was still a bit unsure about the Ultralux (mainly because she thought it was real suede and worried about cleaning, etc.), but really loves it because the outsides areas are leather but the part you actually most touch is soft and not affected by hot or cold as much--the Ultralux.
From someone else who had it in a past Malibu here and a co-worker who actually has (2) 2004 LT's with it, I've asked, and all rave about it. Basically because it's apparently very easy to clean, durable, and better than most cloth, but feels fantastic and just like suede.
Our interior is the Titanium, which even though it's the ever hated blah of gray...looks stunning in pictures and reality. The medium gray mixed with the very light almost cream gray and then the silver accents looks very modern, is light and bright, and isn't something we'd get sick of like the Cocoa (nice...but a little too many colors, sometimes) or Ebony (way too dark...dust, prints, heat, etc.).
The Titanium is a big reason why I wish there was a Ebony/Titanium combo for the LTZ...dark upper, light lower. But not a shocking color like Brick, and not all browns with the Cocoa. Also then could be a Black/Neutral, which is always gorgeous.