Since CES, I've had a chance to play with the Grablet which is a soft rubber shell for the iPad with special hooks for the included fabric latches. The latches can be configured in a wide variety of ways to allow the user to grip, hold and display an iPad 2 as desired. It's similar to the OtterBox Latch but less bulky and it's a custom fit for the iPad (with versions for the both the original and the iPad 2) unlike the OtterBox which is more of a general purpose holder for any 10" tablet.
The Grablet ships in an eco-friendly retail package that is resealable and can protect your iPad from the elements. The pro and con of the Grablet is one and the same... it's very configurable, so you really need to read the included instructions to find the best configuration for your needs. The one suggestion I would make is to ship it in one of the many possible configurations, rather than unassembled. Once you see it put together, you start getting ideas for alternative configurations. You could even hang it on a wall using the straps.
All of the iPad 2's ports and buttons are accessible, including the camera, and it accommodates the Smart Cover. It might be neat for an updated model to include a speaker deflector, to redirect sound towards the front of the iPad, to address a weakness Apple should have considered.
The Grablet is available in several colors, including white, black, gray, silver, blue, purple, pink, red, jungle green, lime green, orange, and yellow, all with black fabric and straps. BTW, the Grablet is proudly Made in the USA. They have a coupon for 10% off... just enter GRABLET10 at http://www.TheGrablet.com.