I like it too. The smallest one to have some stands and a case that covers most parts of the device. The outlets and switches are all available and partly unprotected but good sinked-in. And yes it collects dust (you can see it easy because it's matte black) but it's quick to clean. Maybe there should be a grey version where you can't see the dust that easy. The material feels new and modern. The case looks nice, elegant and unobtrusive. The Apple logo is discreet too.
The first time when I tried it I thought I would
never get the iPad
out again of the new case (fits firmly) but it's getting better with the time because it seems to wear out a bit and you'll learn how to make use of the proper grip movements. So consider that if you plan to put the iPad in and out often, it's not that easy at the beginning.
It's perfect for all apps that run in landscape orientation. When you have apps that require portrait orientation you can't use the stands (okay you can stand it upright in portrait if you put the back cover plate out of the flap but it's not very stable). And I needed some time to get used to have the home button at the left side in "typewriter position" (maybe you have to lift the device a bit when you want to reach the +/- volume buttons).
The "movie watching position" (upright horizontal) is not very stable too but the iPad's screen is perfectly protected (with the case's frame) when it falls on it's front side on flat surfaces. Happened here.
(Just be careful not to put sharp objects in front of the device.) It's more stable in that position when you put some heavy things like old batteries or paper weights into the case/stand's cavity.
But after all it's as small and lightweight as possible (although a friend said that it's heavier than it looks like) for the given features. I tried another similar one in the shop (Belkin afair) but it was inferior for me (bulkier and looking cheap).
Highly recommended.