I know a lot of people have their opinions about the grading companies, but I believe this Cobb is a great example of what seems to happen at PSA every once in a while. I've seen it with 3's, 4's and now a 5...the card itself looks outstanding, but there is a small to moderate amount of paper loss and for some reason PSA can't bring themselves to bring the grade all the way down to the grade to which their stated standards imply.
I know that graded cards aren't for everyone and really you have to examine the card and determine what it's worth to you and not let the grade on the holder determine it for you.
Scott...not to be crazy about the johnson grade, but I do think that the WoJo would be more fitting in a 2.5 holder instead of a 3...too nice for a 2, but not quite a 3? Another reason SGC should have half grades in the lower portion of their grading system