Apple Smart Cover
Specifically designed for the iPad 2, Apple's official case flaunts innovative tricks like putting the device to sleep when the magnetized cover is placed on the screen, and waking it back up when the cover is taken off. Genius. It also converts into a stand to support better viewing and on-screen typing. Apple gives you the choice of 10 different colors and two differnet materials.
Click here to Buy It Now at Apple, $39.99 (Polyurethane) and $69.99 (Leather)