For the record, I do not own an iPad, but I'd rather like one. It's fast becoming a small obsession of mine to research appropriate (and good looking) iPad sleeves in the event that I do actually, at some point, acquire one.
First there were the New Zealand made On and On sleeves in Italian leather. Super cool, super sturdy and an interesting juxtaposition of new technology and old technique. Having road-tested one of their laptop cases for the past few months, the drawbacks include its weight and the strength required to actually pull the laptop out once it is lodged inside. Then there's the impatience level. I want to see what it looks like five years from now when it's been used every single day.
For a quicker end result, MS&Co. have brought out a raw selvedge denim sleeve that retails for $48.00 USD (perfect for the iPad user on a budget). It comes lined with heather grey wool melton and looks light as a feather. It's probably even machine washable (though the instructions say dry-clean only).
But like any denim enthusiast will tell you, don't launder it until it's been used every day for at least six months. And if it begins to smell, just throw it in the freezer for a few hours.
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