This one from Macally seems to fit what you're looking for, aside from the part about the cover touching the table. I don't have one so I'm not positive how that would work but there are review videos out there.
I emailed them this morning to see if they will soon be offering one that works with the iPad's wake/sleep magnet function and once I find out I'll report back.
Once it can do that this one seems to be perfect for me IMO
http://www.macally.com/EN/Product/ArticleShow.asp?ArticleID=388