My green poly is doing this. I'm not completely happy with the feel of holding the opened smart cover. I tend to switch between hands holding the iPad and the smart cover keeps on drooping. Thankfully it's easy to remove and reattach.
Even when holding the iPad 2 I tend to roll up the cover in the back in its triangle config... and hold that in my hand the same way you might hold a magazine with the pages rolled back as a grip....
not sure I described that right, but try it.. in stand mode, but holding it.