X-Doria's $50 Dash Folio Felt for the iPad 2 and third- or fourth-generation iPad is a folio-style case with a felt fabric cover.
I tested the Dash Folio on my third-generation iPad. It fits--technically--but the fit is tight. This case does not feel like it was "made for" my third-generation iPad; My hunch is that an iPad 2 would probably fit much better into this model of the Dash Folio.
X-Doria only offers one color choice, with a dark grey felt exterior and black leather-like interior. The black faux leather interior is of nice quality; The outside, which is constructed of felt, feels sturdy enough, but I don't find it particularly aesthetically pleasing. (That's only a matter of taste, however. You may have different feelings about felt.)
Since it is a folio case, it is intended to be used on its own, not with Apple's Smart Cover. It supports the iPad's magnetic sleep/wake feature, but it didn't always work for me, since the awkward fit prevented the case's magnets from lining up properly with the iPad's each time. This is a fairly bulky case, which has the advantage of protecting the iPad pretty well in case of a drop.
Another common feature of folio-style cases is their ability to also act as a stand, and the Dash Folio is no exception. The case supports five different viewing angles in landscape orientation, and all of them feel pretty sturdy. Four of these can be reached by using the ridges in the front cover; the fifth can be reached by folding the cover around the back of the iPad.
All of the iPad's ports and buttons are accessible from within the case, as well as both the front and back cameras. It's too bulky to fit into most dock-cradle accessories, but it's easy enough to slip the iPad in and out of the case if you need to. A leather-like tab keeps the iPad in place so it does feel secured inside the case.
Overall, the Dash Folio is a solid--if not flashy--protective case. The many viewing and typing angles make it functional, too. However, I think it's better suited for an iPad 2 than for subsequent generations. And if you're not a fan of felt, you might like the similar $50 X-Doria Dash Folio Leather.
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