Believe it or not, new iPads and software were not the only items announced at WWDC 2017. Apple snuck in a small and expensive product. Rather than releasing a second generation Apple Pencil, the Apple Pencil Case was announced.
To be frank, it does come in handy, but it is not a necessity. It is essentially a singular version of the Pencil holder found in the new leather sleeve. It has thicker leather at certain points to make it sturdy enough, and the Apple Pencil does get held inside tightly.
It has a natural leather build, and I have the Black color variant, but it also comes in four other options. Unfortunately, there are no magnets inside to have it stick onto a Smart Cover or the device itself.
The Apple Pencil case is available now for $29.99, but it is most certainly not a necessity.