Bella Cases makes some very elegant, high-quality leather cases for the iPad 2, including its Smart Libretto case, which comes in black, brown, red, and tan. The case folds at two different angles and in stand mode is held in place by a secure snap on the back. Inside the front cover, you'll find slots for business cards. (This is a real executive-style case.)
The case also has the wake/sleep function built-in, which is why it's called "smart."
Alas, the only downside is that the Smart Libretto is pretty pricey at $119.