I decided to buy this after constantly worrying about gouging the back of my iPad2 with the Smart Cover. After lots of searching I found the Pixelskin cover, saw the reviews and thought "why the hell not".
BEST PURCHASE EVER!
It arrived today and I've put it on my pad, its a tight squeeze and you have to be careful (I advise running a store loyalty card between the pad and the cover to get the edge over your pad) but thats part of the design to protect rather than being a problem for the user.
The design is good, its very close fitting to the pad and the magnetic cover allows for safe storage in your bag whilst moving (something other solutions dont offer). Another neat trick is the small plastic clasp when you fold the faux smart cover attached up, the clasp locks through a hole in the cover making it a much firmer rest solution.
On the whole I would buy from these guys again, there products are very good quality, inexpensive and offer a design solution that Apple (of all companies) missed the boat on.