A lot of new cases for the iPad 2 take advantage of the new magnetic sleep function. GroveMade has churned out a case that has a bamboo shell to protect the rear of the device and the leather in the front has magnets that take advantage of iPad’s magnets to turn the unit on when you open the case.
Also, just like the smart cover, you can use it as a stand. The case is now up for preorder for 20 dollars and will cost you 80 dollar (or may be even higher) when available. [product page]
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