I've had a while to use this case now so I'd rate it 7 out of 10. At $23, it's hard to complain given how much other cases and covers typically cost. The main reason I chose a folio-style case is because I wanted one that would hold the iPad in a very stable position on my lap or in bed. This case does that very well. The grooves for the different angles have worked out quite nicely.
My biggest gripe is that the two corners closest to the crease that are supposed to hold the iPad in place (and allow it to slide out to different positions) do not hold it well enough when you hold it in portrait view. They basically do nothing. See the pic.
[url=http://img64.imageshack.us/img64/313/photo2cz.jpg]Image[/URL]
As you can see, those two corners do not hold the iPad at all, no matter how hard a squeeze it in. Maybe I have a defective case? I don't know, but this is the one I've got and to me it's pretty annoying. Now granted, I rarely let the top cover dangle like that, I'm just trying to show how ineffective those two corners are at holding the iPad. Obviously, the top cover would be folded all the way back and pressed against the rear of the iPad under typical Portrait-mode use. But even then, it's quite noticeable that those two corners are not securing the ipad.
It should be noted that despite those two corners, the iPad is not going anywhere. The other two corners and the two additional "notches" hold the device quite securely - it's in NO danger of falling out.
Again, it's a $23 case - so I'm not complaining (too much) and it's not worth it for me to return at this point. This will be my third case now (after finally deciding to get a foilio-style) and I'm basically tired of searching for alternatives at this point. This accesory market still needs to mature. So once more cases hit the streets and become more competitive in both quality and pricing, I will be replacing this one. In the mean, it serves its purpose.