I have also had the smart folio for 18 month and have recently got magic keyboard. If it folds back or not is not big deal for me, I prefer to remove the iPad Pro to use as tablet anyway. I do prefer having the illuminated keyboard of the magic keyboard (my main reason to buy) and it is definitely the best typing experience, but I have been happy with typing on the smart folio keyboard anyway. The trackpad I find useful for gestures, but otherwise find just reaching for the screen quicker than moving curser around screen with trackpad. One advantage of the magic keyboard I don’t usually hear mentioned is with the smart folio the keys touch the screen when folded, so any grease on keys gets deposited on screen leaving marks which are difficult to remove. On the magic keyboard there is slight gap eliminating this problem. But on the other hand an advantage of the Smart Folio Keyboard is the Keyboard is waterproof and washable, so if you spill coffee over it (I have at least twice), no harm is done. I would not like to try that with the Magic Keyboard!
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