1) It is some kind of leather or leatherette. I tried to compare it with the wheel on my leather-clad loaner and am probably 80% sure it's the same covering. I suspect they just have the one wheel no matter what options you select. Either way, it has a nice pleasing texture.
2) I noticed no smell to the fabric. Indeed, the "new car smell" in general is very faint. Just enough you can tell it's new, but that's about it.
3) No, it's leatherette. Some kind of vinyl or something. It actually seems really high quality for synthetic leather. The texture is nice, and it feels reasonably thick and durable. I had a zipper scratch against it that marred the surface visually. I wiped it with a damp towel and it looks brand new again, so it's relatively scratch-resistant as well. Chances are good if some random person got in your car they wouldn't be able to discern it visually from the coated leathers used in most vehicles. The only thing that may give it away is its vaguely plastic feel. I feel this is a minor negative given they're spot-on visually.
I can't say enough good things about the textile seats. I'm pretty strongly against leather seats in cars so I've had many cloth seats, and these are easily the best cloth seat coverings I've seen.
If you can, try to check one out at a showroom. You may have trouble given they're somewhat rare, but it would put you at ease if you could track one down.