I had serious reservations about ordering this because the company clearly BS'd about it being for the iPad 3 initially and didn't bother renaming it when they knew it wasn't completely iPad 3 compatible. Based on the reviews saying the problem was fixed, I decided to give it a shot because it promised to be almost exactly what I was looking for and the $19 price was hard to pass up.
I'm very glad I did and I would recommend it.
I am using it with an iPad 3.
Pros
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The magnet works to turn the iPad on/off when the cover is opened/closed.
Very low profile.
Protects the front, back and sides of the iPad.
Looks sleek and fits precisely.
The cover has a silicone/rubbery feel that makes it easy to grip, but looks pretty much like leather.
When the cover is folded back in a triangle it acts as a kind of handle that makes the iPad easier to hold (if you're right handed). However, be aware that I'm a pretty big guy (6'2") and the triangle is almost too big to be comfortable for me. If you have smaller hands it may not be useable for that.
The openings in the case fit very cleanly around the ports, speakers and controls on the iPad. Everything is easily usable.
After spending a couple of minutes figuring the thing out, all of the different stand positions are easy to use.
It seems reasonably well made.
Cons
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While you can fold the cover around the back, kind of like you might do to a magazine, the cover doesn't lie flush against the back, nor does it lock into position. It's really not too bad, but that prevents a completely comfortable grip on either the right or left side (unless you use the triangle fold).
The two options for using it in the typing position (where the iPad is in landscape while laying on a surface and the top half is raised a little like a keyboard) could be better:
1) The cover can be folded once and the iPad is rested on the outside of the cover which doesn't support the iPad very solidly so it bounces a little when you use it.
2) The cover can be folded into a triangle which will support the iPad solidly but the inside of the cover has to be facing out. That's not always a problem but, in public places, you need to be extra careful not to set it down in something sticky.