dchristo, it sounds like you and I have similar requirements when it comes to an iPad case/cover. When I first picked up my iPad 3, I grabbed one of the few cases available at the time specifically made for the new iPad - a Targus Vuscape. It was supposed to serve as a temporary case until I found a permanent case. It's turned out that this was the best case for the money compared to the dozens I've looked at, and served the purposes I was looking for:
Slim profile
Adequate padding
Multiple viewing angles
Outside surface of cover serves as bottom
http://www.targus.com/us/ipad/vuscape.aspx
The outside cover as the bottom is a pet peeve of mine. Usually the inner lining of a case is made of a soft material to prevent scratches, but it's also a lint/dust/crumbs/pet hair magnet. And if you have a case that folds where the inside comes in contact with the surface of a table, chances are that it will pick up some of the stuff, (unless you wipe down the surface first, which can be a hassle). The crud will then transfer to the screen of your iPad and then you'll have to wipe down the iPad and use a lint roller to clean off the inside cover. I had this experience with my iPad 2 which was in a Marware case which folded back. I usually meet clients at locations like Starbucks, where there's always some remnant of the mocha frap and lemon pound cake from the previous customer. Even after wiping down the table, the case always picked up something.
The Vuscape eliminated that problem. As a matter of fact, here are the pros and features of the Vuscape:
Stiff, magnetic cover with adequate padding to protect the screen from minor bumps
Slim profile that shows off much of the iPad's form factor (the back has a cutout to show off the Apple logo)
3 viewing angles in landscape
Leather-like material is durable, water repellant, and cleans easily
Good quality materials, stitching, assembly
Good price at $39.99. @ Best Buy
Pen/stylus holder
And an "unintended" feature in which you can hold the case like a handle when it's folded in flat mode (see pic below).
-------Useful for holding the iPad without gripping the iPad itself. This is how I hold it when I'm lying in bed.
To be fair, I'll list some cons:
Three of the edges (not corners) exposed
No portrait mode
Hmmm... That's all I can think of lol!
The case impressed me so much that I bought another in gray, and plan on getting another one, maybe in blue. After re-reading my post, I realize that I sound like a paid advertisement from Targus, but I have to say that the only other time I was thoroughly impressed with a gadget case was the Vaja for my HP 4700 pocket pc, which I paid a premium for.
Edit: I noticed in some of the pics on the website that there is one mode where you can fold the case in a way where the inside cover is on the bottom. I don't recommend this for the obvious reason that the inside is on the bottom, and it's not as stable. But it's there if it fits your fancy.
On fit: it fits pretty much perfectly, so when putting the iPad in the case, make sure you slide it until it's completely flush against the retaining corners. That way it'll be as smooth as butta!
