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Interesting to watch the part where you slide the magnet up and down and the backlight turns off...

Does that size magnet make the cover stick to the iPad like the smart cover, or does it serve only for backlight on/off?
 
What I disovered is the iPad 2 has a few magnets inside the bezel on the right side. When I used a ruler to measure where the switch is the ruler stuck to the iPad. My single magnet is not enough to hold down the cover, I would think you need three to keep it closed.
 
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