I posted this link to my DIY iPad case project in another thread, but I figured this would be more search-friendly.
I wanted a case similar to the Smart Cover's folding functions, but also wanted protection on front and back of the device. The result is my own custom case, which is call the Doduo Case
Details of the project (and full-scale drawings) are here: A is for Alfredo, Z is for Zonda: Project Doduo: The Making of My Own iPad Case
(think of this as a first-gen attempt at a case. There is def room for improvement, like adding a hole for the camera :P happy to hear your suggestions!)