If Apple had designed an iPad 2 stand that didn't double as a protective cover, I'm inclined to believe it would look exactly like Ten One Design's Magnus, which uses a strong neodymium magnet to make the iPad appear to float.
The stand is machine-crafted from pure aluminium, finished by hand and adorned with rubberised feet and custom nickel-plated neodymium magnets to hold the iPad in place. It doesn't adjust, rotate, pivot or even boost the iPad's speaker. It just keeps your tablet perched within reach, without looking like an eyesore.
As it's made from aluminium, it's got enough heft to prevent your iPad from toppling over, though, that probably also makes it a bit heavy to easily travel with. But that's its raison d'être. It's a $US50 desk accessory designed to complement all your other Apple gear, which it appears to do perfectly. [Ten One Design via Gadget Review]