I think that most comment on this case seems to be that's it a great idea but there are concerns that it doesn't protect the back of the iPad, which will be vunerable to scratches. Hence it's possibly not the complete solution and some additional protection might be needed
To me it's like a reprise of the iPad 1 case: it works, it has an Apple logo and it's aimed at customers who need something to go with their device without having to wait or look around.
Also, at this point, until the third-party vendors actually start producing cases for iPad 2, Apple has a monopoly on the smartcover as an accessory and they've probably sold a bajillion of them in the last few days. They've only released the case design specs for iPad 2 this weekend -- cf. Designing Cases for iPod, iPhone, and iPad - Apple Developer -- and I'm sure a bunch of third-party vendors are rushing out their designs to market even as we speak.