Lots of good holsters out there. I have never owned the specific holster you have. I carry in a leather holster because I like leather holsters. I like to carry OWB. Never could get comfortable IWB. So to answer your question, in my opinion, the only advantage of a leather pancake holster is, personal preference.
The other thing important to me is made in the USA. I believe Blackhawk is made in the USA.