I seriously think Apple did this so that people wouldn't notice/complain about the back heating up on the new iPad.
Hmmm... the back of the iPad is a heat sink. Putting an insulating layer on it is a bad idea. Let's hold that heat in and raise the internal temps even more.
It also looks like a cheap plastic cover without the aluminum hinge components IMO.
I can't help but thinking that this is Apple's response to the complaints about the iPad 3 getting uncomfortably warm to hold on the back...
iPad 3 is uncomfortably hot - Consumer Reports debunked its own story:
http://obamapacman.com/2012/03/consumer-reports-ipad-3-hot-cnbc-video/