My husband and I got our ipad 3's yesterday as well. We're both new to ipads/apple products but graduated from 10" mini laptops (which I sold on ebay). I picked up a few smart covers on ebay and wanted to let people know that the generic ipad 2 smart covers do not have the magnets in the correct place to turn the ipad 3 on and off. I got my husband this:
which works well to turn the ipad 3 on and off when you open/close the cover, however I got this for myself:
and it doesn't turn the device on and off. The magnets that connect the cover to the device work fine, but it doesn't turn on and off when you open/close the cover. My daughter has an ipad 2 so she adopted my new purple cover and it works fine on the ipad 2.