Your pacemaker should alarm if it's disarmed by a magnet, no? My nephew just had a ICD implanted and that is the way that his is set up. IOW, you would know before it should ever cause you a problem if you accidently got it near enough and it was strong enough to interfere. The magnets that they use to disarm my nephew's device are much, much stronger than anything they'd use for a case.
There's no speaker built into my pacemaker so, no, it won't "alarm".
When a magnet is placed near the pacemaker at just the right spot (and just the right amount of magnetic force in the magnet), it sends the pacemaker into a test mode. The pacemaker manufacturer supplies the magnet for this testing. It is used to do periodic checks of your pacemaker over the telephone. The manufacturer also supplies an acoustical modem with wrist straps. You place the straps on your wrists and place the telephone receiver in the modem cradle. Upon placing the magnet over the pacemaker, it kicks the pacemaker into a test mode and the pacemaker increases the heart rate to 100 beats per minute. That is, as long as you have a full enough battery in your pacemaker. When the battery starts getting close to end of life, the magnet will only cause the pacemaker to kick up to, say, 90 beats a minute. When the monitoring station sees this decrease in BPM with the magnet, they know it is time to schedule surgery to have a replacement pacemaker implanted.
Again, that's with a magnet DESIGNED for such use with the pacemaker. If you get too strong of a magnetic field near the pacemaker, it can cause the pacemaker to be reset into default mode (default parameters). Every patient's pacemaker is programmed for their specific situation. Some people are pacemaker dependent. If the pacemaker gets kicked into default mode, it can be quite dangerous for people who are pacemaker dependent.
Per the article that was linked earlier in the thread, neodymium magnets can interfere with pacemakers. So, my question has to be... Did Apple use neodymium magnets in the Smart Cover or the iPad 2?
Mark