It's a waste of money...
I bought a red one last year because i liked the red color and couldn't justify buying at $70 from apple.
I used it for like a day and havent used it since. It's stiffer than the actual smart cover, meaning when you fold it up to use it as a display it doesn't always stay, sometimes popping back open. The magnets also dont work as well.
It's basically like throwing your money away.
I know the real smart covers are expensive and overpriced, but it's worth it in the end if thats the cover you really want.