I have the new iPad and a new Maroo case. I believe my case is the Moko, and the smart cover function doesn't work reliably at all. If i hold it shut it works, but if I let go of it it just turns right back on. I didn't own a smart cover with my last pad so I'm not sure if there is a way to fiddle with the settings so that it works better, but the answer right now is no.
The magnet also doesn't hold the cover closed at all, you need to use the included elastic straps. I'm not sure if the magnet is just too weak to function well as a smart cover, or if it's placement is off.
Luckily I got this case for the 50% off sale price so I didn't expect or need it to be spectacular, I just wanted something that I could use immediately. I'll probably invest in a different case down the road. Other than the magnet problem tho, the case is really nice. The leather feels good and it has a larger strap inside that you can slip your hand into to cradle the ipad so your wrist doesn't get tired.
Some people were questioning if the camera hole was too small or poorly positioned- I guess it was an issue with the iPad 2- but on this model the camera hole is large and in the right place. It doesn't effect the camera at all.