There's still hope. Here's an email I got from Incipio today. No way I'm going to use a rubberized case with a smart cover attaching through it. That's just asking for trouble.
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Thank you for your email. We were given the opportunity to test the iPad 2 feather case with the Smart Cover, and found that it actually is pretty compatible. The Smart Covers magnets are still able to adhere to the iPad 2, but theyre magnetic power is lessened because the feather creates a thin barrier between the two (the Smart Cover magnets, and the iPad 2).
Furthermore, I was recently notified that we have a Smart Cover compatible iPad 2 feather in development, and anticipate its availability in approximately 6 -8 weeks. We do have an email notification list that I can add you to, if you would like. Please just confirm your interest in being notified by directly replying to this email. You are more than welcome to purchase the feather that will be available within the next week and use it with your iPad 2 and Smart Cover, or wait for the fully Smart Cover compatible feather, whose availability we anticipate to be 6 - 8 weeks from now. Please let us know how you would like to continue. We look forward to hearing from you.
All the Best,
Alisha S.