a few more shots and angles.....
<img src="http://www.ipadforums.net/attachment.php?attachmentid=2876"/>
<img src="http://www.ipadforums.net/attachment.php?attachmentid=2877"/>
While the cut out looks like it might not allow enough room for the entire grill, under closer examination one sees the width of the case more than compensates for the speaker. The Ipad's back curves at an inward angle right there so there is no obstruction to the grill at all. The cut out is perfectly matched to the ipads speaker grill and lines up beautifully! Could not hear any difference in sound quality at all!
<img src="http://www.ipadforums.net/attachment.php?attachmentid=2878"/>
<img src="http://www.ipadforums.net/attachment.php?attachmentid=2879"/>
<img src="http://www.ipadforums.net/attachment.php?attachmentid=2880"/>