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.
This cover performs exactly like the more expensive Apple product at only a fraction of the cost.
I bought this for my New iPad and it works fine, with the screen waking and sleeping as it should. I've had it for a few weeks now but the toll seems to have been taken as the thread has started to come away at the sides and some of the rigidity has been lost as a stand, this was surprising as I am quite careful with it and use it at home or the office with it safely stored away travelling between.
I would say that if you like the idea of the smart cover but don't want to pay for the Apple version then this product is ideal as for the same money you can buy replacements but if you want a long lasting tidy looking product stick with the Apple smart cover.
I bought this cover for a new iPad 3 and it arrived 7 days ago. I have used on the iPad just around the home.. No serious demanding task for a cover I would have thought. However, the magnetic metal hinge got slightly bent very easily without much force. The cover does not fold back on itself and and hold its shape so it does not work to prop up your iPad as shwn in the images. Then, most recently, the cover has started to fall off as the the magnetic strip has started to pull out of the metal hinge when folding the cover behind the iPad. The remains of the inadequate glue can be seen where it as pulled out from again, very light gentle use. I am not a complainer and appreciate that this is a cheaper option but it really is poor quality and I will be buying a proper smart cover based on this experience.