The point of it would be to protect the screen when not in use and used as a kick stand. The sleep when closed feature is the least desired out of the three.
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That looks really awesome! I just send apple feedback on the iPhone and said I would like to see a Smart Cover for it. Like I said you did a really good job making that look good.
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Have fun trying to take a quick photo with a flip case! Flip it open, wrap it around the back and oops, it's blocking the camera. Or hold the cover out with one hand, and trying holding and taking pic with the other.
Good point have not thought about that. But I think that could be worked out.