Acme Made says its slim Orikata case, available in "vegan-friendly" faux leather, "leverages complete docking and play-through functionality within its unique case design. Taking cues from the Japanese art of origami, the Orikata's folding elements reconfigure in a snap, providing a remarkably stable stand for cinema viewing or keyboard mode at optimal ergonomic angles."
I like both of the Acme Made Infinite Angle and Orikata because they're lightweight, offer good flexibility for propping up your iPad, and offer good protection. Oh, and this one's well priced, too (it originally cost $49 but is now $25).
Note: This model was originally designed for the iPad 2 but does not offer the auto on/off feature so you don't have to worry about the feature not working.