My assessment (I decided not to buy one)
Pro:
- Neat automatic wake/sleep on open/close
- Converts to a stand w/ out adding much extra weight to the iPad
- Keeps iPad to it's true thin design.
Con:
- Only covers glass; back and sides left unprotected
- No drop protection - sides, back liable to get scuffed/scratched vs if in an actual case, not just a cover.
- Overpriced for what it is. (Different from being "expensive." A BMW 335i is expensive, but it's worth every cent for the driving joy it offers. BUT if that same BMW 335i was, say, 15% more expensive, yes, it would be overpriced IMHO).
- Not enough business/professional appropriate colors, esp if you don't want leather.