cheap plastic and it looks like opening a tin can. i bet the whole thing dissolves after a year of usage. why didnt they build the ipad more in the way like the microsoft courier? this would be something that i would buy right away. it reminds me a little bit about the first ibook, this was looking like a girls' make-up case. sometimes apple's design is borderline.
For me, I think what makes the smart covers ugly is seeing the sections of the cover divided up by the folding joints, not to mention the combination of colors and materials, except maybe the black leather, don't seem to lend itself well to the iPad's fantastic, slab look. I do still think the smart covers are insanely clever and useful though, and definitely worth the cost.
Enough to make me wish my wife's birthday wasn't in January, so that I wouldn't have bought her the original iPad before this was available.