Mine is off-set by the fact that when I fold back the cover there is a slight difference by the thickness (depth) of the reader, resulting in the magnet being slightly higher when the cover is folded back. I've got a new cover on order though so will be able to judge better when that comes in.
As an aside, I've also stuck a piece of felt to the front face of the magnet so that there is no chance of it marking the screen should it come into contact with it any time.
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