If you really like the iPad 2's Smart Cover, but are sticking with the original iPad, you can rig together a solution to make the two semi-compatible.
Unfortunately, it involves gluing magnets to the side of your iPad. The fit and the latch mechanism seem to work well enough, it still won't make your iPad wake up/go to sleep. But if you really want a simple way to prop your iPad up, this seems like a relatively cheap way to accomplish that (the magnets cost $1 altogether). [TRUP via Business Insider]