I use a Gomm smart case in red leather, costs about the same as Apple's Smart Cover- Except, it protects the entire iPad. It encases the iPad including the bezel and home button in red leather. Also features a thin front cover that is foldable and magnetic (acts just like the Apple version). One weak point is that after a few weeks of use (folding and unfolding the cover) the cover will not close flat against the iPad without pushing it close. It will rise at the folds, and make the cover easier to accidentally flip open. But other than that I have no complaints.
I got the orange smart cover. It helps when I "lose" my iPad 2. As my grandmother used to say, "My forgetory works very well." I just wish my memory worked as well.
I got a black leather one that I use on a daily basis with a black tpu case. I also have the red leather cover but I barely use that one. Only once in a while