In the end, they produced a case that fits both the iPad 2 and the new iPad. It helps that the new iPad and iPad 2 are very similar, but still there are some differences that make it a challenge to build a case that supports both. The new iPad is slightly thicker than the iPad 2 and the larger camera lens requires a bigger opening. But the folks at OtterBox are pros at this, as they make cases for just about every popular cellphone put there, so they had no problem. They even produced a presentable gift box that the case comes in, branded with the iProtection moniker in their signature yellow and black.
The iPad case itself is made up of three parts, including a rigid shell, an integrated screen protector, and a silicon outer shell. All ports are covered, so it can be tricky using a docking station. A CableJive Dock Extender could help with that issue. Technically, there is a fourth part, a stand that also serves as a rigid screen cover. It's a robust solution, that should be useful for young kids and tough workplaces like a shop floor.
The Apple logo on the iPad is visible but still protected by a clear membrane. The folks at OtterBox have told me that their Apple customers really want that Apple logo exposed!