Buy.com has the Magnetic Smart Slim Full Body Cover for iPad 2 (Black) for $9 with free shipping. Features eco-friendly PU leather exterior with micro fiber lining, magnetic front cover with auto sleep and wake functions, full back cover, and folds into a multi-position stand.
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I think this is the one I got. It's made of flimsy, cheap plastic and would not offer much protection in a drop to a hard surface. However, it's more than adequate for protection against scratches, doesn't look too bad and otherwise works fine. All in all, it's probably priced about right as far as Ipad covers go.
#1, how does the magnetic sleep/wake work for you?
Also, does the stand part work okay?
magnet work great. Stand works but slips easily.