First to announce an alternative to the Smart Cover was Speck, a company, which has about ten years of experience in crafting stylish cases and pouches for your iPods, BlackBerrys, and a list of other electronic gadgets. PixelSkin HD, as the cover is called by its manufacturer, expands on Apple's design and makes embracing the entire iPad 2 from front to back possible while retaining the neat functionality, which the Smart Cover pioneered, to fold and turn into a stand. Judging by the pictures below, the PixelSkin HD doesn't look like a cheap ripoff either. Priced at $49.95, it appears to be well built and will most likely do a great job at protecting your iPad 2 from dents and scratches.
It is mentioned that the PixelSkin HD attaches to the front of the iPad 2 by using micro-suction, which eliminates the need for any magnet trickery as seen in the Smart Cover. Another thing that is missing is a release date for Speck's cover, but you can subscribe for an e-mail notification when the PixelSkin HD becomes available.
source: Speck via Gizmodo