After getting home and playing with the cover a little bit, I am fairly pleased with the outcome. Issues I have heard are: 1) Cover overlaps the edge of the iPad; 2) Cover sits crooked; 3) Magnets are too weak so the case won't snap into stand mode; 4) Warped wood or buckling.
As to the first issue, the cover fits flush against the edges.
2) If I lay the cover down on the iPad at a 45 degree angle, the magnets cause it to rotate into place. Even if its a few mm off, the cover slowly rotates into the flush position.
3) As I think I said in the last post, after the first try, the magnets easily snap into the stand mode.
4) No warped wood or buckling.
There are only two cons that I can see. The first is that in stand mode, the iPad sits very nearly vertical. I was under the impression that it would be at a somewhat slanted angle. If it stays vertical, I would be worried about accidentally knocking the iPad over onto its face. I am hoping this issue eases up once the wood acclimates and the liner gets used to flexing.
The only other con is the lack of a hinge. The smart cover is very easy to flip over, whereas this cover requires an extra second or two of effort. It doesn't really bother me, but if this had a hinge, it would be perfect.
Finally, it IS possible to place the cover on the rear of the iPad and enjoy stability in your hand. First, the liner side sits against the back of the iPad, contrary to what just about every Youtube video shows. Second, it doesn't sit flat on the back. The magnets sit on the left side of the near the glass, about where the hinge on the smart cover sits. This causes the wood to make a V shape that sits in the palm of your hand, and then the rest of the cover flaps, but it's not too bad.
I say this because the Youtube videos I have seen all show people trying to use it flat against the back, woodside up, and that not only doesn't stick, but the magnets interact with the right side of the iPad turning it on and off. If you do it right, its very comfortable and has no issues.
CONCLUSION: If you want a hinge, buy a smart cover. Other than that, I am very pleased with this cover and I think once its broken in, the stand angle should ease up. This is a well made product, especially the custom engraving, and I think it is worth the money.