Not the original smart cover.
It might not have the quality of the original smart cover, I haven't used one.
However it looks good, it fits perfectly to the ipad size and sleep / wake up feature works.
The stand function, although a bit weak also works fine.
For the money it costs, you can't go wrong.
I'd say, if you want a smart cover and don't pay the full price, go for it.
Update: The magnets have now completely come apart from the cover after only 4 months of use.