I agree that the back of the Smart Case is really nice. So much that I'm tempted to cut off the front "lid" section and just use the back!
A DIY suggestion for the intrepid (or the borderline insane, like me).
I bought the iPad mostly for reading, and I had a hard time finding a suitable third party case. Many of them, especially the folios, don't consider that some of us would trade in protection for lightness and tactile satisfaction. And it really doesn't help that many review sites or manufacturers would rather not reveal the full details of the cases, creating unnecessary bother for the dissatisfied customer.
After ordering and returning five different cases and reading countless reviews, I finally gave in to Apple's smart cover and the high $80 price point (instant ramen, anyone?). I hoped this would end my search, because it was light enough such that it's possible to hold the iPad with one hand.
However, the cover was not only terrible as a stand, but just got in the way when I tried to hold it all the way back and hold the iPad like a book. The microfibre material makes your hans feel clammy and sweaty, too. I figured that by getting rid of the cover, I would hopefully recreate the feeling of holding the iPad with the cover fully closed while using the iPad. There was just too much done right with the smart case for me to look for yet another case.

It's not for the faint of heart, though if you do err, as I did by cutting too tearing too much of the leather off at one point, it looks like the edges of manually torn leathered pages you find in 15th century hand-crafted books.

I used the full length of an X-acto knife to slice the cover off like a piece of ham. Make sure you have more than one blade, because it dulls rather quickly. Rulers aren't exacty required because it's the rubberised portion that forms the shape of the case underneath the leather is clearly delineated at the hinge. The trick is to make sure to get it right the first time, because as you get closer to the edge of the rubber, it becomes increasingly difficult to slice the leather off, although I suspect a swiss army knife would do the trick. After making the cuts, I got one of those disposable Bic shavers to smoothen the edge.
I finally found the case I needed that nobody was making. It's a shame that $80 was spent in the process, but the end result is FANTASTIC, far better than the third party contenders that I had to constantly ship back. It would be nice, as others have noted, if Apple made the cover and the case separately. I would have happily bought a giant iPhone 5s case for the iPad and wait for a third party or an improved version of the smart cover, although I would tend to believe that Apple values its perceived image of perfection ("the best tablet in the world") than actually delivering it.
Anyways, thanks to Night Spring for giving me the idea. If you want to have your leathery cake and eat it too, you might need to grab a knife.
Sorry about the crap lighting. The color is red.
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