I like Scottjl's solution the best! Happily, I already have one at home.
Seriously, the Apple Store where I bought my iPad (SoHo in NYC) was all out of covers so I've been using mine without. So far it's doing fine. Personally I think the iPad is rugged enough not to need a cover, but I would like the basic $40 one since it doubles as a stand. So I'm trying to find one.
Also, for perspective I'll point out that a year ago I bought the Kindle DX cover sold by Amazon. It was $50 and had no extra functionality at all.
So from my point of view, $40 for a cover that's
also a stand is a better deal.