This looks like a very cool case...

Originally I was looking for something along the lines of the Yoobao or Macally case, but I like this case's variation on the hinged-back stand thing that we've seen in the Acase/ChiTek one. Looks like the iPad is held in more like the Yoobao or Marware, too, all around the edges as opposed to just the corners.

See video on the page - just from pictures I couldn't tell much about it, but the video makes it more clear, and I think I might order one.

(no affiliation; just picky about cases and I think this one has flown under the radar since it's a HK company)

Genuine Leather Convertible Executive Case for iPad with Screen Protector jx1 [Pad-JX1] - US$29.95 : Spider-Foot.com