Hello, Tim,
The texture of the No. 827 is similar to felt. The No. 127 is smooth leather. Both are good strops, and worth the money, but I prefer the No. 127 for no other reason than the smooth leather.
Incidentally, both strops have the hard linen and stiff leather. With daily hand rubbing (before you shower) the leather becomes supple and with good draw. I no longer have my No. 827, but the No. 127 is a keeper.