This cut is very similar to full-grain, except that it has had the very top layer sanded and/or buffed to remove imperfections and irregularities in the finish. This makes the leather softer and more pliable, with various dyes and finished applied to it.
While this sanding makes it more visually appealing, it also removes a lot of the strength and some water-repellent qualities of full grain leather. This we begin to see a tradeoff between leather strength, and leather look and softness.
Given its softness and flexibility, top grain leather is often used in high end leather goods, including handbags, wallets, and shoes.