Just had my red Smart Cover and Belkin shell. The shell is great, however it's only available in darkish grey so now my silver iPad Air looks like its space grey lol. Protection matters more though I suppose.
As for the the Smart Cover, I am a little disappointed in general but I will probably keep it as it suits my needs. I want to be able to remove the cover completely whilst still having protection on the back.
Pros:
* Lovely strong red colour
* Quality is nice in general
* Strong hinge magnet
Cons:
* Weak magnet for keeping the cover closed. Barely feels like there is a magnet at all (see vid below)
* Hinge magnet is not aligned correctly and is a few mm off
* Cover does not sit completely flat when closed (May improve with wear)
* Folding into a triangle as a stand is not as sturdy as before.
More cons than pros, I'm considering getting it replaced as the magnet to hold the cover closed is incredibly weak, almost undetectable. Is anyone else's like that?
Anyway some pics, it looks nice I reckon, however it takes a little away from the sheer thin-ness of the Air. Weight difference is pretty minimal:
Here's a vid of the weak magnet issue:
http://youtu.be/HJkUR56LmG0
I still recommend it if the cons above don't bother you too much.