Would have been nice for Apple to think of that one ahead of time. My pencil already broke and I won't be able to get another for "4-5 weeks". Screw that...I think I'll just return everything.
Simple idea Apple:
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Yep - that works fine with the iPad Pro (the spot is on the front of the smart cover when it's closed... near the lip where you pull it open).
It holds the strongest if the "Apple Pencil" logo is facing outward on the Pencil (because the little weight in the Pencil that keeps it from rolling while it's on the desk is closer to the magnets). It holds reasonably well... good enough to pick the whole thing up and cart it around while I'm at the office. Not well enough to want to commute with it that way though!
Here's a quick pic I just took of mine (sorry for the image quality, literally just reached over and snagged my iPhone and snapped one off)