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I have a $12 case from ebay (Hongkong) and it has been awesome. Works great and has protected my ipad from sudden death many times. Even once when it was on the road (Fell out when I got out of my truck) and I was standing on it. The road was also wet from rain.
Like this one only blue. RED LEATHER CASE COVER POUCH+STYLUS FOR IPAD 2 3G WIFI | eBay
$60-$100 for a case is nuts if you ask me. I have had mine for 8+ months and is still in perfect shape. I also just ordered a case with Bluetooth Keyboard. I hope I have the same luck.