Well I have only owned this cover for two days, and so far so good. I really like the color, and it seems durable. This is the first Smart Cover I have owned, and I love it.
I bought the tan leather cover and absolutely love how it ages. My coworker has one that is very aged (with a cup ring over it!) and it looked gorgeous. Can't wait for mine to do that.
HOWEVER—protection wise, its minimum to none. The glass itself is already very hard to scratch so to put a cover over it is not so beneficial for the price. However, its handy for holding or laying on a table.
I dropped my third generation iPad and that cover provided no protection whatsoever. I probably should've bought a back cover :/
This product is great but very high in price. The leather gets scratches easily so I suggest a getting a cloth to on. Also it doesn't cover the back or sides so get a back cover. Hope this helped!!