I have the classic Selle Italia Flite on 2 bikes, and I love it!

The perforated surface indicates this is a Gel model, and I think that came with Ti rails.
The plastic logos showing through oval holes cut in the leather indicate an older model, I'm guessing prior to 2000.

Edited to add: Further googling indicates it might be the "C2 Genuine Gel" which had "Vanox" rails, i.e. vanadium-steel alloy.