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Yes if they keep the same shell and it sounds like they will. Even if the rumor is true that the back is slightly thick, the smart cover will prob still fit bc it just attaches on the side.
 
The smart cover is not a single-generation product. Apple aren't going to bin it, especially if it transpires that the iPad 2 will remain around at a lower price point.
 
I would hope that they tweak the design of the smart cover so that the hinges do not rub the edge of the iPad. I have signs of wear on both the edge of the iPad and the Smart Cover where the hinges are. Should en a simple thing to fix...
 
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