When Steve Jobs introduced the iPad 2, he demonstrated the Apple Smart Cover in action – an extremely useful device, but it is on the expensive side if you want to buy one in leather – and it does not fully protect the iPad, just the screen.

Now, after just a few weeks of iPad 2 sales, Yoobao Products Executive Leather have produced a suitable alternative to the Smart Cover. Through their US distributor, XenGadget, they are now selling a leather case for only $34.95 – a reasonable price considering the way in which their case works.

First, it is real leather, and second, it protects both the front and back of the tablet. Magnets (the same as the Smart Cover) are included, so you can turn you iPad on or off whenever the case is opened or closed. It has a built-in kickstand, so you can adjust the angle of use, and the manufacturer offers the case in three colors: black, red and light brown.

Although the case has only become recently available, it is already sold out, but the XenGadget website indicates that the next shipment is estimated to arrive on Monday, April 4th, and that it will contain updated cases. Initial issues with the case have been addressed and rectified in the updated cases – namely, more weight has been added to the bottom to counteract the weight of the iPad, and the screen cover has been modified to prevent it bringing up hibernation mode when folded around to the back of the case. It sounds as though it is something that is well worth looking at.