I received this today. It is actually quite bulky. I will probably return it...
The materials are really nice and it seems like it would stay in the intended position well. One odd thing is that part of the case that goes against the screen isn't the microfiber material. It's the part that you use to stand it up. Also, it didn't work with the screen protector that I have on right now (wrapsol, which is pretty thick).
I'll try to get some photos up later.
I am kind of getting used to my iPad 2 with no case... (I got a neoprene sleeve to carry it around).