I recently ordered this bad boy from Gadget Mac... for my Mac Air.. It's made by Twelve South and is called the "Book Book" cover.. I was hoping they also made one for my Pro 17" but unfortunately they only make it for 13" and 15" :( bummer... but it's still classy.. You have to watch out for the metal clasp on the inside because it will scratch the battery cover
DIY iPad Cover And Stand: Make your own iPad case out of an old binder and some fabric! Also note that the tutorial doesn't cover it, but if you place a small magnet just right you can turn off the iPad by closing the cover.