I picked up the Cygnett iPad 2 case (black Lavish) for the new iPad from Target for $17.50. Retail is $60 but they were reduced to $35 and now half price to $17.50.
They are really nice cases available in black (Lavish) or beige or purple (Lavish Earth).
Only downside is the sleep/wake function doesn't work with the new iPad which is annoying. The sleep/wake sensors are in a slightly different position to the iPad 2 so some 3rd party cases won't sleep/wake the new iPad. The Apple smart cover still works ok.
I couldn't find the product on the Target site so I've just set the link to the products:
http://au.cygnett.com/ipad/lavish-black-ipad-2-case-stand.ht…
http://au.cygnett.com/ipad/lavish-earth-2.html
Cygnett have released a new Lavish Earth case range for the new iPad so I'll get one of these when the price is reduced:
I saw some half price covers at Dick Smith also. Maybe they are discounted for the reason you found … Wake function.
Thanks for the heads up on that.
Good value I guess if one just wants to protect it.