I just read a review on the Smart Cover in the June 2011 issue of Wired magazine. The author states that one of the reasons Apple is so successful is the quality and thoughtfulness of their products. He accurately describes the functionality and elegance of the Smart Cover and it’s shortcomings as a truly protective cover.
Admittedly when I saw the Smart Cover I was impressed with it and, yes, it is cool. However I have 2nd hand experience that you may want to recognize that it is not perfect. A close Apple-centric relative reveled in her new iPad2 when she visited. I, sadly, did get tablet envy but that is beside the point. The point is that she forked out the $69.99 for the leather Smart Cover and was very happy with it. However on returning home she was using her tablet and ill advisedly picked the iPad2 up by the Smart Cover. Disaster struck, the magnets released and her new best friend fell screen side down on the concrete porch. Imagine her dismay!
This is not a criticism of the Smart Cover as much as it is a caveat that you may want to consider a more protective cover and one that won’t pull off when you lose your head and try and lift it by the cover. BTW due to the fact that she has probably had at least one of every Apple product ever released (including several of the ancient Lisa), the local Apple store replaced her iPad2 at no charge. (She was 2 days over the 30 day all issues guarantee.) Not only is this a cautionary tale regarding covers but it does suggest that if you are a good, in this case an absurdly good, customer of a local business, they may actually go out of their way to help you. In her case, she is now much more cautious with her beloved iPad 2.