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I think I only paid $20 on woot but honestly, if it broke I would probably spend the $60 to replace it... They really should sell it for $40 or $50 though.
 
it should fit fine but since the beanbag part isn't removable (and I only use it around the house) I never use the smart cover on it.
 
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This wedgepad is infinitely better: http://www.amazon.com/WedgePad-iPad-Pillow-Stand-Beanbag/dp/B003RWRB14

I've been using it for over a year and couldn't imagine using my iPad at home without it now!

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