As part of the iPad 2 launch today, Apple released a new series of covers that they are referring to as Smart Covers.  These covers are held on magnetically to the iPad.  The new iPad has magnets built in to hold the cover on and also to hold the cover down.  Matching magnets in the cover hold the cover over the screen.

The Smart aspect of the cover actually comes from a magnetic switch integrated into the iPad.  When the cover is closed over the screen, the magnetic switch is activated and the iPad is put to sleep.  These covers don’t appear to provide much in the way of drop protection, but expect this innovative magnetic design to start showing up in third party cases/covers soon.

The covers also can be used as a landscape orientation stand to support both a typing angle and viewing angle.

The covers come in 5 colors for the leather version and 5 different colors for the polyurethane version.  The leather cover runs $69, while the poly covers are a reasonable $39.

Find out more about the iPad Smart Cover.