I have had the Toblino 2 Leather Case (purchased from Amazon for $40) which I really like. It protects the entire iPad, works with the magnets to automatically turn on/off when opened/closed, folds out in 3 positions (if you don't rest the iPad in the grooves it rests at a slight angle due to the leather's natural tightness, good for typing), and the iPad slides out easily enough if you want to use the iPad "naked" (it does make a difference in weight). It looks professional enough (not flash or anything) and has been very sturdy.

Only grips are that there isn't a good way to prop the iPad up in portrait mode and the camera hole is kind of pointless since it gets blocked when you flip the case backward, though you can hold the case out to the side and it'll work and I rarely use the back facing camera anyway.