I use the
Targus VuScape. It's actually a cloth cover and not the leather version.
+Professional Looking
+Different angles for viewing
+Nothing covering the bezel
+Stylus holder (I do use one occasionally)
+Magnetic Cover
-No Portrait setting
-Gets really dirty (The leather version doesn't have this issue)
-A little bulky but not too bad
I also have an Apple Smart Case
+Looks nice when new
+thin
+Magnetic Cover
+Engraving
-Gets dirty easy
-Poor display options (only 2)
-Poor display stability
-As Webslinger said about his case, the cover just flaps there when open. (This was my biggest hang up with the case)
I also have an Apple Smart Cover (Neoprene not the Leather version)
+Removable
+About as thin as you can get
-Gets dirty easy
-Doesn't offer any protection from drops
-Doesn't protect the back
Not sure what kind of case I'll get with the new iPad 5. Probably something that will let me set it in Portrait.