No No No the smart cover is not worth the $$$s. Yes it does work and it works well. When I first got my smart cover I giggled every time I opened the case. However it Will fall off from its own weight.
You will scratch the back of your device.
It will get scuffed up and look beat up in time
By this time next year they Should be on sale for $10.00.
That's just not true. I can hold just the open cover in my hand and it supports the the weight of the iPad, even if I swing and shake the cover. The magnets hold. If you have a smart cover that falls off from it's own weight you have a very broken smart cover. Take it back for exchange.
And yes, of course the smart cover only covers the front. This is news? I love the design of the smart cover and just bought a clear back cover to preserve the back, and the slim look of the iPad 2.
If you hold you IPAD in portrait mode and use the smart case in a triangle mode as a grip. Your case will be a smahing success. You can stablize it using your thumb on the glass but if you hold it slightly near the top or bottom the IPAD will drop.
Now it can be said that this is not the correct way to hold your IPAD in portrait mode but this is natural as it gives a much more natual way to hold the IPAD.
I called in a case in to Apple and they sent me a brand spankin new one, I got the same results.
No harm no foul, I'm keeping my case cause I still like it and it makes me giggle. Bottom line is that it's not perfect and if you are new to this and try walking around depending on the smart cover to maintain you will be ordering a new IPAD.