If you're looking for that awesome Smart Cover functionality but don't want to spend forty bucks on a case for your new iPad, it's really simple to add a low-power magnet that will trigger the Smart Cover functionality.
All you need is a small strip of flexible craft magnet, available at any local hobby shop, placed at the right position on your iPad. Although the actual trigger point is only about a half inch across, using a strip about two inches long helps guarantee the lock/unlock functionality without having to worry about making precise contact.
Of course, it's up to you to add the magnet to an actual case, but that's nothing that a little mailing envelope and duct tape ingenuity can't mock up in a few minutes.
You can watch a video demonstration after the break.
TUAW reminds you that magnets plus electronic equipment normally do not mix. Use this how-to at your own risk.