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I just have a smart cover and an incase neoprene sleeve for travel. I like this set up since its protected in my bag, but not when I want to use it.
 
My wife's new iPad is naked.

My iPad2 is in a smart case

Pro of having an iPad in a case is resale value due to it being in pristine condition
 
Naked!!!!

I love my iPad naked!!!

Stored in a timbuk2 sleeve when not being used of course :)
 
Naked with smart cover! iPad doesn't deserve a case, I've bought them in the past but never damaged or dropped my iPad in any way so I just keep case-less.
 
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