Mike,
Your Newport 2 is almost certainly made of stainless steel, as are most putters today. They don't need a cover to protect them. There is a significant difference in the feel of a carbon steel putter and a stainless one. It's a preference thing. If you have a carbon steel putter and don't use a cover, it is going to rust if it gets any moisture on it - and it will happen quickly. As is abunduntly clear from your posts in this thread, you were not aware of this rather significant fact. Sure many people like having a "cool" putter cover, but for many of us it serves a significant utilitarian purpose.
Personally I wouldn't drop a few hundred on a collectible putter cover, nor would I spend $600 on a marginally functional, but sweet leather golf bag. But I sure as heck wouldn't give a flip if anyone else saw the value in such things.