I read some online reviews before buying this, and they all seemed to say that it was OK, but not great. Before buying, I could understand why. There is no padding, in case of drops, the stand features are slightly lacking, and it is quite plain. Not to mention the £30 price tag from Apple. However, I would say that many of these are not true or don't matter. Firstly, the padding. Whilst that would be nice, it would detract from the sleekness of the iPad, and, like my laptop in it's neoprene sleeve, I don't plan on dropping it! This isn't something I would use walking around, like a phone or iPod. The stand features on it are perfect: you can simply tuck the front of the case that protects the screen into a small flap on the underside, giving the iPad + case a triangular profile, allowing you to have it slightly inclined on a lap or desk, or standing on the "base" of the triangle, as it were, almost fully face on to you in landscape, ready to watch movies or the like. Finally, its a looker. The material is a nice, microfibre-type feel, the iPad fits in snug and doesn't move around. Plus it requires slight effort to get it out, so it won't ever unexpectedly slip out. The Apple logo on the front is a nice touch too, and the whole thing looks like a slightly smaller-than-A4 professional portfolio, and it also doesn't look immediately like an iPad, as said logo is not bright white, but a dark grey.
Finally, the price. Official accessories are always going to be a bit pricey, but it isn't far off other cases, and is certainly cheaper than the more premium leather ones, although I'd say just as stylish, but in a nicer, understated way.