Apple has released a new iPad accessory today called the Smart Case that's made out of polyurethane and is a hybrid of a Smart Cover and the original iPad Case that protects the iPad from back to front while retaining the thin design of the iPad. The Smart Case folds into a viewing and typing stand just like a Smart Cover and many other third party cases that have come out long ago. Apple's Smart Case for the iPad features integrated button covers and cutouts for all ports including the back facing camera. The magnet-embedded cover automatically wakes and puts the iPad to sleep. Apple's Smart Case fits both the iPad 2 as well as the iPad 3rd Gen and is available now in six vibrant colors for $49.