So I've received the Feather case. The case itself is perfect. It slides on effortlessly and holds on securely. Using it with the Smart Cover, however, is a little disappointing.
The Smart Cover does attach magnetically, however, the connection is less than secure. It takes very little effort to remove the Smart Cover with the Feather case on. Once rolled up in the typing/stand position, you have to take special care to unroll the Smart Cover as it wants to slide off the Feather and up onto the glass. Even picking up the iPad 2 with the Smart Cover closed takes care not to slide the cover off. The general impression I get is to move things slowly, dont yank or the magnets will fail. I tried the standing position and even though it holds it very nearly straight up and down, the iPad almost immediately falls; the magnets just cant hold it up through the Feather. Thats not to say its an unworkable solution. It will hold in the typing position fairly well, just dont go banging too hard on the screen.
Its not perfect and originally I said Id take an X-Acto knife to the Feather to allow the magnets to directly contact the iPad, but that would require removing nearly the entire left side of the case. It would leave a little less than a centimeter of material on the top and bottom to grip the iPad. Theres not much to grip given the streamlined sides of the iPad and I dont feel safe possibly ruining the case should cutting out the notch weaken it too much.
I see myself using the combination until a company comes out with a Feather-like case/Smart Cover combination folio that doesnt add any more bulk than this does.