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my friends mother has that exact case for iPad 2, (ebay, like 13$) and its really pretty nice.

for the price you cannot beat it.
 
I have a case almost identical to that, paid around the same price on ebay...Love it
 
I have this one for my ipad 3. Love it. Had it for a month, great quality. Magnet works. Am sure they are the same, all of these prolly come from the same factory in china lol.

http://www.amazon.com/CrazyOnDigital-Rotating-Leather-Function-Generation/dp/B007HTGP3S/ref=sr_1_sc_1?ie=UTF8&qid=1336333138&sr=8-1-spell
 
It's alright for the price. I have this too, but IMO it's kinda cheap looking.
 
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