It was only a matter of time before third-party accessory makers started taking inspiration from Apple's clever iPad 2 Smart Covers. Speck is the first to put a product out there in the form of the PixelSkin HD Wrap, which lacks the magnetic functionality, but protects the back.
Micro-suction is used in lieu of the magnets, which means that the tablet won't lock/unlock when you open it. But if you're someone who is obsessive about keeping the entire tablet scratch free, and you like the fold up design of the original Smart Cover, then the $50 PixelSkin HD Wrap may be what you're looking for. [Speck via ChipChick]