Where have you seen this? That is one of my two big complaints about the Smart Cover, and I've watched a ton of videos but all they ever demonstrate is the typing stand and the movie stand - the two positions I use the very least with my iPad. How do I hold it the most often? With the case completely open and folded behind the iPad - yet I can't find any mention of this functionality with the Smart Cover. I like being able to open it up completely, and not have to worry about having an additional item to set down (such as if you must remove the Smart Cover - where am I going to put it??). That was the #1 reason I didn't get the Zagg Keyboard - I didn't want an extra item to worry about when I just wanted to use my iPad regularly.
The other big complaint I have is the same as everyone else - no back protection. I use the Apple Case, and didn't like it at first but now I think it's perfect. I like that it's grippy, so I don't have to worry about it slipping out of my hands when I take it to class to take notes. I also like that I can clip a stylus on the outer edge of it, which I use for note-taking. I can set it on my lap when I'm traveling, and not worry about it slipping off. I can throw it in my center armrest on my couch, along with all of my TV and video game remotes, and not worry about any damage.
So, basically... Everything I do the most with my iPad (physically, I mean) is completely eliminated by the Smart Cover.
Sadly, this new cover could be the single reason that I don't buy the iPad 2. I really like the Apple Case and wish they would redesign it for the iPad 2.