Well the Speck SmartShell and Apple Smart Cover arrived and I must say I am not disappointed in the least. It fits snugly and does not interfere with the Smart Cover. The cover has a textured coating on it, which really helps in maintaing a grip on your iPad. The metal strip on the Smart Shell is sufficient to securely hold the Smart Cover in place while you are hand-holding your iPad. I have not "drop tested" the Smart Shell (nor do I care to), but I'm not to confident it will absorb impacts as well as a true "cover" (ie. OtterBox Defender or Seidio Active).
I am planning on ordering myself a Speck Smart Shell in black, along with the Red Apple Smart Cover, for use around the house or other relaxed environments.
I will be taking some detailed photos and will post them soon.