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This type of sheath is my favorite. I personally like the openness around the handle because, I hate pulling my knife out with two fingers and having to adjust my grip afterward. The way yours is designed, I'd get good purchase before I even draw. If the retention is good, that's the best of both worlds!
What Mike said about skiving the ends of the loop piece is good advice. It gives a much more polished look and will give less of a speed bump to your belt when putting it on. According to Chuck's video, the skin side of the leather holds something like 90% of the strength, so skive off the fleshy side and no worries.
The only thing I see that I'd do differently as a matter of durability, is to spread the stitch hole out a bit. Let's face it, if we use the contact cement correc tly, the leather will tear before the bond gives. That makes stitching almost 'ornamental'. However, since it's there and would look right without it, we don't want the stitching to weaken the sheath. When the holes are too close, it acts like perforation on a piece of paper and can tear more easily along the stitch line. A wider space between holes can prevent this, and it looks great too!
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