I have purchased/returned several cases/covers for my new iPad 11 including the Apple Smart Folio which is great and easy to use but lacks edge protection offers. The problem is that the edge protection seems to be a compromise between all the ways to keep the lid folded back while reading. I want Apple to bring back the separate back/cover they made for my old iPad. Sold separately, one protects the backing/edges and the other folds and glues to the back, but can be easily removed if required. This meets ALMOST all my requirements. It's attractive and protects the edges without intruding too far into the screen area (which doesn't damage the screen protector), but despite having a magnetic strip on the back that somehow holds the lid (over the pencil flap) it feels bulky and an leaves too much space between the lid and the back wall when folded. ESR (same company) makes a much more expensive Smart Folio cover which is a cross between this and Apple's folio: https://www.amazon.com/gp/product/B087CYD9T7/. This is flat, fully magnetized on both sides, and has an Apple Pencil flap. It doesn't have as much edge protection as this one, but compared to Apple's Smart Folio it does bulge out a bit at the edges. In addition, the pen loop provides protection on this side. It seems to offer some edge protection against short falls (not tested on mine!). I can leave it for a time when I know I can carry it around and need extra protection. But for use in one place, for reading, I think a more expensive model will be much more convenient to use.
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