I have the navy blue leather one, which Apple sent to me as a courtesy gift to make up for an error on their part, which was pretty neat. I wasn't sure if I was going to like it, thinking that maybe I'd just take it in to an Apple Store to exchange it for something else. But now that I'm using it, it's pretty darned neat. I do like how it covers the screen and puts the iPad to sleep and that I can fold it (felt side in) for typing level, which is what I need the most. As for standing up, I'm not entirely crazy about the fact that I have to fold it felt side out to achieve this, since a part of the cover that comes into contact with the screen will come into contact with whatever surface I set it down on. Fortunately, that's only one panel of the cover, which can be easily cleaned and I'm pretty careful about what surfaces I set my gear on anyway. However, standing it up is not something I will do much because if I'm going to stand it up at home, I use the little stand I got for my iPad, which gives it many angles and is very sturdy. So the cover is more of a typing stand for me as well as a cover. I also like the way that I can fold it in half (felt side in) and swing it around to the back for holding. There is a slight bit of magnetism that kind of keeps the cover there, which is also nice.
So, for free, yeah, I can't go wrong with this Smart Cover. Now to get a suitable case or something to protect the back. I bought a cheap one off ebay for $15:
http://cgi.ebay.com/BLACK-SMART-COVER-COMPANION-TPU-CASE-APPLE-IPAD-2-/220764882594
Just got it and am trying it out. It's black, fits very nicely, keeps the slim profile and works well with the Smart Cover, which does lay flat and shuts off the iPad. The cover loses a little bit of the magnetic hold at the leading edge but it still works for the most part (because the edge of this case slips around the bezel a little bit). The back is matte. The part of the case that wraps around and over the bezel to is glossy (not sure why). The material is smooth but adds just a touch of grip, which is nice, and the cut-outs are generous enough for the sync cable socket, rear facing camera, earphone jack, buttons, etc. This case (or "skin" or "shell") will definitely protect the iPad if dropped. It does approximate the Macally Flexitpad that I have on my old iPad 1, which is what I wanted. So far, so good. However, the ONLY issue I'm having with it is the edge of the case that goes around the bottom edge of iPad's bezel is kind of lame: it's just barely hanging on along the bottom edge. All the other sides and corners are tight and firmly in place. As a result, I find myself kind of pushing the bottom edge of the case back into place from time to time, which COULD get annoying, especially if handling the iPad from the bottom edge. I wouldn't have minded if the part that comes over the bezel was a bit wider, for a more secure fit. I'll have to write to them and see if this one I got is defective with that in regard. But overall, it's a pretty nice protector and it looks decent. They USED to have other colors but found those colors rubbed off on the Smart Cover, so they stayed with black only, which apparently doesn't have that problem. But, for $15 shipped, not bad at all.
Michael "Spam, spam, bacon, eggs and spam. Hold the bacon and eggs." Sent from my iPad 2 using iPF