To paraphrase Steve Jobs, "you're using it wrong." Seriously, the iPad cover isn't for him. It's for people who want to use it on a flat surface. And there's a reason it comes off so easily - for when you are using your iPad on a not so flat surface - like your lap, for example.
If you need a case, get a case. This isn't pretending to be a case. And you can bet there will be third party cases that use magnets for automatic locking/unlocking, if there aren't already.
Cool. The iPad 1 case not only worked on uneven surfaces, but it also protected the back.
It's a step backwards, I'd say. Boo hoo it uses magnets. Too bad it's not practical at all compared to the original case.