Really liked it a lot, it's definitely expensive and overpriced. The hinge is tighter than it used to be and he Smart Cover has additional magnets built into the last 2 of 3 panels which when paired with apple's silicone back case (only for the iPad mini 4) holds the cover to the back of the back case. When closed it appears tighter than before as well.
I was also concerned with the cover coming apart easily from the iPad edge but it holds pretty tight. There is no need to worry about it seperating on accident.
I'm very pleased, my only 2 complaints would be the overall added cost now having to buy both components for a full case and I think both could actually be improved more with magnets on all 3 panels of the cover and silicone backing to secure it. That's said, I'm really happy and you might enjoy the ability to mix and match your colors, i.e. Blue cover, gray back.