This is the Ozaki iCoat Bubble. It is basically like wrapping your iPad in bubble wrap, only a very nice piece of bubble wrap that’s been cut to the right size and fashioned into a nice slip case.
There’s also one that’s been cut a little smaller for the iPhone, plus the maker notes that the tear-resistant thermoplastic polyurethane “solves antennae problems” like it’s 2010. [Ozaki]