Just returned this Case today as well. I'm not really sure why this has so many excellent reviews, here were my issues:
-When folded into viewing mode, the leather is too soft so it doesn't stand and instead rolls backward.
-Alignment wasn't stellar- also please please take note, the border of the ipad will not be equal all around when fully installed in the case- notice how the left side is thicker even in the pics- ok thats not a big deal but why didnt they just make it equal on all sides?
-Mine came pre-creased on the front no less.
As far as the other issues, magnets, smell etc. i had no issues there.
Just my .02 cents. Hope this helps. Also goes to show that you can't trust Amazon reviews. 600 + and no one mentioned those issues hmm..