Is the iPad 2 Smart Cover Smart?

http://go.tagjag.com/ipadsmartcover Apple designed the iPad Smart Cover with the same elegance it approaches hardware design. The case folds back to act as a prop for watching movies. The case also folds up to tilt the screen for typing. Apple designed the case to work in combination with the iPad to wake the device when the Smart Cover opens and to put the iPad to sleep when the Smart Cover is closed. So how does the iPad Smart Cover stack up? Find out whether it is as smart as Apple claims.