Apple Case. I described that a bit more detailed here:
https://forums.macrumors.com/posts/10941675/
There is more protection than it seems to have after a first glance. Most of the other cases (leather or not, $200 or not) leave the sides of the device uncovered. Or they use little plastic clamps for holding the heavy iPad and those clamps wear out with the time (and don't look good if you ask me).
In the Apple Case the device is covered as much as possible for the measures and the weight and it sits firmly in it. It can't slip out in any way. There are lots of cases where that may happen and that's very dangerous. You can hold it where and how you want and turn it in any way but the iPad will never slip out.
It has a very good grip when you hold it. There isn't any sharp part on it, no zips (the worst things for iPads and iPhones), no magnets, no buttons. No hard plastic, no metal.
You can't get more protection and function for that price, size and weightthe iPad is heavy enough. It looks unobtrusive and professional. Fits nicely in a bag. I don't need more for using the iPad outside. I have it just a couple of weeks but it seems to be durable.