Describing the feeling of the material is a little difficult. It's somewhat like an imitation cotton, without the color-bleedingness, and the heavy weight of cotton. It's actually surprisingly durable. Wearing it for weeks now, each day all day (high school students value pants that cost $75)- and hand washing it with cold water, everything seems to still be perfectly tethered together, even having tripped a good many times. (The length of the hakama is about two inches shorter then touching the ground for each recommended height per size, ie, I buy a small for 5'5'' people, and being 5'4''ish, it almost drags)
In reference to pleats, the folds are held decently. To keep them clean, I'd suggest ironing the article often if you have to have them straight and sharp, but otherwise, the general shape of the folds show. Probably holds creases a little less well then thick cotton, but also keeps cool, and lightweight.
As mentioned, the thing's virtually colorfast, having worn it this much, you can only imagine all the washing, I've done, and in cold water, it's stayed a perfectly dark black.
The shipment arrived promptly, so no real issues, on that end, it is exactly what I wanted, and when I get the funds, I plan on purchasing a couple more. Certainly the best buy I could find online.

Basics:
Very strong, durable wood. However, when practicing, don't plan on keeping the little red strings on. After an hour of training mine were all off. In any case, the swords certainly isn't just for looks. Other than the small decorative strings, this practical equipment is certainly a superb training sword that should last quite some time.