I have been using the Apple Smartcover for almost a week now and have decided that it is a truly fabulous product. It will fold flat on the back when not in use, but I will often fold it into the support form as it gives a great hand hold for portrait viewing. I feel that the autosleep feature when the lid is closed is helping my battery usage. And it feels durable enough to protect my screen. I am having difficulty coming to terms with nail clippers and paper clips coming with the iPad when I don't watch where I lay it.
I received a new back cover from Coveroo today. Ordered it Thursday, it shipped Friday, and arrived today - USPS. My iPad 1 model was flat black, heavier, and had to be snapped on. It did double duty as a front cover when traveling. This one is glossy black and a thinner, more flexible plastic. The fit is more refined, but seems perfect. I was surprised since they say it also fits the iPad 2. It is not reversible like the old one, but that is to be expected since it has to be designed around the smart cover. In any case, I now have front and rear protection without any real weight or size added.