I have it and I like it very much -- particularly the auto-sleep mode -- but it's hard to argue with you. There is something awkward about it folded over flat on the back. It's just missing a unitized solid tautness and makes me feel as if I'm handling two completely separate components. They ARE in fact two separate components but I'd bet dollars to donuts Apple would have liked me to say it doesn't feel so. Not the case (no pun intended).
I guess I can just remove it when I'm free-handling it but hell, I DID pay $70 for it now didn't I? I'm more slightly annoyed (maybe the better word is "chagrined") than frustrated, but yes, don't feel like the Lone Ranger on this one.