Definitely more glam than anything, which is fine given that the majority of iPad cases/covers are more about looks (and protection from scratches and smudges) than actually providing any sort of substantial damage avoidance in the case of a drop.
This one does keep the back side of your iPad from getting marred by things in your bag, or in instances when you move/slide it around on a table, counter, against your rings, etc. It's also flashy and full of bling, which is kind of fabulous...