I picked up the smart cover for my pro yesterday, and also noticed the edges tend to go past the edge of the iPad itself. Since I'm not planning on purchasing the silicone back cover, it bothers me as well.
Something that has always bothered me about the smart covers(not sure about the iPad 2 cover - never had one) is how much wiggle room they have for slipping up and down. I sort of wish they had magnets around all of the edges to keep it more firmly attached to the screen(and rear when open). I dealt with it and kept the iPad Air cover, but I feel like the larger size of the smart cover for the iPP has just exacerbated this problem, and I'm probably going to return it.
Not sure what I'm going to do yet, because without some sort of cover, I cringe just a little each time I set it down on a hard surface, but I prefer the 'naked' feel...so, we'll see!