The Zipbook case I ordered for my brother-in-law came today. (See above.) As the OP noted, it works quite well for the iPad 2, even with a polycarbonate case on the back and the SmartCover in place. (Though the SmartCover is useless you plan to use the Sena case solely for storage.)
Not surprisingly since the case was designed for the original iPad, there's no support for the magnetic sleep/wake function, though a small refrigerator magnet could be mounted inside the front cover to provide that functionality.
The case itself is very nice, especially at the $12 clearance price. (Unfortunately, that deal is no longer available. Amazon does still have links to vendors with a $20 price and at that price, it's a major bargain.) Furthermore, I suspect the case may have been discontinued by Sena, so the current stock may be it.
It's very shiny black leather, almost a patent leather. It's so shiny, in fact, that it shows fingerprints (very slightly.) I'd recommend treating the leather with a protectant of some kind. Otherwise, I suspect it's very likely to pick up scratches. Since mine is a gift for someone I'm not willing to test how much abuse the leather will take without showing. Suffice to say I'm a bit skeptical.
The zipbook also comes in brown (beautiful) and red (not for me) but neither is available as far as I can tell at a bargain price.) As shown in the photos above, the interior is a beautiful tan suede. Very classy.
One feature not shown in the photos above is the pop out leg in back of the case that supports it in landscape mode. Metal snap, no velcro. Again, nicely done. The stiff cover can be used to hold the iPad vertically, but not at an angle, limiting its utility in that direction. Sena makes other cases for the iPad 2 that are more versatile stands.
I also found that my iFaraday stylus fits easily into the crevice beneath the iPad. Targus, Boxware and other relatively slim styluses should fit, as well. The dual zippers are high quality. Should last a long time. And the embossed Sena logo is visible but not obvious. Another nice touch.
I doubt I would have paid $70 for case and I'm sure I wouldn't have paid the suggested retail $99 purchased directly from Sena. There are other cases in that price range (some from Sena) that are more versatile and equally stylish. But the zipper encasement is a plus and the ease of insertion/removal is, too. All in all, for less than $50 it's worth considering. And for less than $25, it's a bargain.