I just purchased the Vuscape from Best Buy for $27.99. It's the black (fake leather) version and the magnet does work on my iPad 3. It's a very nice case for that price.
http://www.bestbuy.com/site/Targus+...lack/4880028.p?skuId=4880028&id=1218564864072
http://www.bestbuy.com/site/Targus+...lack/4880028.p?skuId=4880028&id=1218564864072