This case is secure, functional and attractive. It is well worth the discounted price.
Secure:
There is a elasticized band inside the top right corner of the cover, which secures the iPad inside the case when the cover is open. The band partially covers the power switch, but I don't find that it interferes with the use of the button.
Function:
1) Stand: The stand has multiple slots, but they do not provide a great deal of variation in viewing - more like adjusting the view to eliminate glare. The stand is secured to the closed case by means of a hidden magnet, which works for me.
2) Closure: The snap at the top right holds the cover closed. When open, one can bend the cover back behind the iPad and use the snap to hold the cover open.
3) Screen Access: the frame of the cover slightly overlaps the edge of the iPad's screen. So far, I've only found this to interfere when I attempt to move icons from one screen to another - I have to lift the cover so I can slide my finger off the side of the screen to get to the next page. Not a big deal to me.
Leather:
The cover appears to me to be bonded leather [...]
- which may be offputting to some people who need the luxurious feel of leather (or who have paid full price). This cover feels more 'plasticky' (and therefore durable) than pure leather, but for the discounted price and for my needs, it is great.