The Good:
There's no risk or concern of the iPad falling out of this. Protection is good. It's both scratch protection and padding.
The inside material is a microfiber fuzz. Very soft and protects the iPad finish very well.
The lid folds half or all the way back, allowing it to be a raised keyboard, or to stand vertically for reading. It's not crisp, but it doesn't wobble much.
The Mediocre:
It's not actually rubberized canvas. The product is a spun polyester fiber, hot-wire cut, stitched on the edges, then rubberized. The rubberization is stamped to look vaguely like miniature diamond plate. Overall, materials are decent for the price.
The edges are a little tight, which makes the iPad1 slide towards the flap opening, whether it's flap-side down or not. Because of this, the anything plugged into the dock port gets side pressure. Small accessories like a GPS or charger cable often are pushed enough to unplug them half way. The lid doesn't REALLY close properly due to this, even after mashing quite hard to get the iPad back into the sleeve.
There's an elastic strap to hold the cover open or closed, but it's not really convenient.
The Disappointing:
There are no sleeves, pockets or pouches to stuff a headset or charger cable. The back flap is too tight to put a piece of paper, but maybe an envelope or a card could go in.
The light sensor is blocked on the top edge where there would be a camera on the iPad2.
Does not come with a screen protector.
The edge where the flap is stitched to the pocket is already losing the rubber coating after only 2 weeks.
Summary:
No frills, works OK, but there's got to be something better. Maybe I have to make something better.