I assume the design is pretty much the same as the moleskin-cover on the modern day pirate webpage. I guess the prices are reasonable for the work you have to put in if the product works out well.
I've posted two instructables myself for some similar stuff on instructables.com. Having the iPad in a book-like case is ideal for me for on the road. I made a box for at home, too (where the silicone case also fits within).
So if you're up to "Do It Yourself", you'll find a lot of amazing stuff concerning iPad covers, stands, cases, etc. there. And it's just awesome if you can take some pride from stuff you DIYed