Update -- to reiterate some of the above, I decided I could not live with the new rubber ocular cap after all, the tolerances are terrible and it kept falling off. The eyelet is in the wrong place versus the eyelet on the binocular itself, they are misaligned (See pic) and the strap keeps yanking it off. I put some electric tape on the inside of the eyecup to get a tighter fit but it hasn't worked. It's also garbage plain and simple.
I decided to work with the original plastic ratchety device, which I still have reservations about, but I got it to work somewhat better by re-routing the strap in a different way (see pic) That has helped a lot.
Its tolerances are poor also it comes off very easily also but with the strap pulling it towards the binos instead of out and off, it seems to stay on. Especially when carrying it, then there is tension. The strap diagram that comes in the manual is totally way off and just wrong in my experience. Plus, it's very hard to put the eyecup back on the binocular when it's hanging way low as would happen per its instructions. The way pictured is a much better way and the eyecup does not slide all the way down.
Once again the old electric tape came in handy again and I taped the part that ratchets, in effect fixing it in one position so its' now much easier to put it on without it changing its dimensions and possibly scratching the lenses. I don't have anybody else using the optics so no worry about changing IPD. But if that ever becomes an issue, I will just take the olde electric tape with me to the field and retape it to the new setting. Yeah, that's rather fitting on an expensive optic such as this one. Maybe I should glue it one position (I do not foresee *my* IPD changing any time soon)
Both of these leave much to be desired and do not appear to be products made by Swarovski even despite bearing the Swarovski logo. Let's face it, outsourcing is the economic model du jour like it or not. I cannot believe I paid $25 for the rubber thing, it's worth 99 cents if that. For an example of what an ocular cover should be, take a look at Trinovid's ocular cap. It fits well, closes fast, durable, won't fall apart into plastic residue and is just perfect.
Maybe Swarovski should hire a Leica consultant to come in and design a better eyecover for the EL which is a fine optic otherwise.