I bougHt a knockoff from amazon for 4$ shipped i think. Works just as good as the oem one with working magnet. I would have bought one from apple but I wanted a red one and I wasn't going to pay 70$ for the leather one. My only complaint is that it left scratches on my screen protector. Not sure how it would affect the glass if it all.
Hmm would be worth the $66 premium to me if it didn't destroy my products.