The magnet is definitely strong; I can suspend the iPad Air from the cover, and have to give it some pretty good shakes to dislodge the magnet. In ordinary use, it's only come off when I've ended-up leveraging it off by folding up the cover in an unusual way.
I like that it's light, and that I can kind of fold up the three segments over each-other to form kind of a handle/grip for me to hold on to with my left hand when working with the cover.
It stands the iPad up ok at the given angle; not the best angle, perhaps, but good enough.
With the cover on, it feels about as thick as my former iPad2 did without a cover.