Bit off-topic, but I have an Ipad 1 and after buying a crappy after market case off ebay, I bit the bullet and paid a mortgage for the Apple original. It is well proper. Very slim and keeps alive the sexiness of the naked machine. Vertical standing is a bit wing and prayer, but it works and I love it. It is pretty damn expensive though. Guess the Ipad2 one is similar.
Not as good as the Blackberry Playbook case though which is just brilliant. But only if you have a Playbook. (see off-topic spoiler above)
Edit: just peeked at the Snug Leather one mentioned above and I think it was the Ipad 1 version of this that I had (if not, I apologise but it sure does look similar). Soft leather, not attractive, was heavy, Ipad kind of sagged down into it eventually, which made the buttons hard to reach, gatefold cover didn't shut with a nice even firmness. Pretty disappointing and ended up in the bin.
I am absolutely NOT an Apple fanboy. I just speak as I find.