Although it is in the product description / stand, this envelope is not compatible Smart Cover. Although the magnets are strong enough that they can hold the cover by the silicon round, but at the moment where you want to tap the iPad something they give to and the Smart Cover dissolves.
Otherwise, the shell is impeccable. The recesses are in the right places and the edges are a bit beyond the display, so it's also protected if it is with the display facing down there.