that's one of the reasons why i picked the black model. i use my ipad during my daily commute on the nyc subway system and viewed from afar, it looks like one of those inexpensive android tablets, esp. since i have it in a folio-type case.
those smart cases that leaves the aluminum back exposed pretty much gives the ipad's identity away. between the smart covers and the white ipad model, you're practically telling any opportunistic snatchers, "Yeah, i've got the good tablet."
Agreed, this is one reason why I've decided to go with black. I found both colors appealing, but would like to obscure its identity more in a public setting.