During the contact with the iPad 2 still performed on a piece of metal is this now encased and not connected with hinges but directly with the cover - I think that has a negative effect on the service life.
On top of that have become out of 4 folding elements 3. A concrete benefits does not open up to me here; Rather, it is so that in bed, on the couch, on the train, for example a stable state is guaranteed.
The main reason is that now only one triangle is formed and the open sides are only held by the magnet - previously was the 4 page yet folded over.
Pity is that the sides folded together so no longer are isosceles, which is why the shell from slipping backwards faster.
Overall, the impression that you have done a facelift, so it just looks a little different again plus cost savings when connecting Cover and iPad created. In my opinion, a NOGO for a premium supplier.