I have had several different cases for my iPads in the past (generation 1, 2, and now 3). This case is the first that functions as well as it looks.
While closed, the top cover is very form fitting and lies flat across the surface. The included magnets used to both keep the cover closed and utilize the auto-sleep function work well (unlike many launch day 3rd gen covers). The hard shell backing that the iPad easily snaps into holds the tablet well, and feels as if it would offer decent drop protection.
One nice thing about the back shell is that the port cut-outs for the camera, lock/volume buttons, and speaker are all enclosed along the outside perimeter (cutting out only the segment needed for these areas). Most cases simply notch these areas, this leads to less secure back support and more flexibility in the smaller trim areas that would weaken its ability to absorb corner drops. In my opinion, saving your device from a corner drop is 70% of the reason to have a case in the first place. Plus, these small changes make it look much cleaner than the notched out variety.
The unit is stable in both the upright and typing positions (as stable as any 4 fold folio).
The material used is also fairly "grippy" in your hands without being too rough. It won't be sliding around.
The only issue I have had with it so far is that any moderate movement on the top cover while it is closed will cause the magnets to slightly shift out of place and will trigger the auto-sleep/wake feature while it is still closed. All this means is that you will hear the screen pop on and off and click as the cover seats back into position. Not a big deal, but I think just slightly stronger magnets would have fixed this niggling issue.
All in all, it is easily my favorite case I have ever played with or personally owned.