I love my Timbuk2 Plush Sleeve too. I wasn't sure what I wanted to get so I went to several stores in my area to see if any of the iPad 2 stuff can fit my iPad 3. One day in Five Below, I was just looking around and spotted the Plush Sleeve. Eventhough I was still on the fence if I wanted a portfolio case or sleeve, I got the Timbuk2 Plush Sleeve cause it was Timbuk2 and it was only $5.

I've got bags from Timbuk2 that I spent over $100 for and they are still in heavy use after 7yrs. For $5 for any Timbuk2 bag/sleeve is a great find.
What I like about the Timbuk2 Plush Sleeve is how it feels in my hand. Occasionally I will only carry my iPad 3 in the sleeve and feels very solid like carrying a netbook or something small but not to heavy. From the reviews that I've seen on youtube you can have a back cover/folio case on your iPad. There is plenty of room. A few times I've put my cords in with the iPad.
I want to get another one. It's great for carrying other things too. (cables, gps, cords, etc).