Just picked one up, so far really like it. This thing is SOLID, feels great and high quality too. iPad slides right in, theres a 3" wide piece with velcro that secures it in - I've been shaking it hard, and it doesn't slide around a bit! The backside where the iPad 2 slides in is a soft material and the sides have lots of open areas, so dirt and crap getting behind the iPad 2 shouldnt be much of an issue. Lastly, the strap is nice - you can use it to keep the cover closed, or when you flip it open it will secure it on the backside so it isnt flapping around. Also can be used when reading.
For $40, this is a steal. MUCH better than the Griffin Elan Folio I had. Only wish would be for a Smart Cover magnet! (doesnt seem to have it)
Two left at Westminster, CA Best Buy. None at Costa Mesa.