I went to Home Depot and got a bunch of those square metal covers that go on electrical boxes. I taped them together (with a gap in between) to make a cover and then taped it on my iPad. Because of the gap between them they will "roll up" to make a "stand" just like the new Apple covers.
Of course, this home made steel cover adds about a pound to the weight, but there's nothing like heavy metal protection. And my cover is UL approved!