Courtesy: 9to5Mac

The leather case above is being made by an Asian case supplier that supposedly has been testing these on a real iPad 2. They even shipped 120,000 to the United States. As 9to5Mac points out:

Perhaps the most interesting piece of information from the report is that 120,000 of these cases have been shipped to the United States for sale by a “famous case company.” We think a “famous” case company would only order 120,000 pieces if they were 100% confident in the designs.

I completely agree with this. The Asian supplier, whose name is kept a secret, obviously knows the exact design of the upcoming iPad 2. Plus, since they have been shipped to the United States already one can assume they also know that the iPad 2 announcement/release is coming shortly.

The case does not fit on the current iPad. It is made to fit an ever-so-slightly smaller and thinner iPad. The sides of the case are tapered just like on the iPod touch. There is also a camera hole on the back and that mysterious large cutout on the bottom that some speculate may be an improved speaker.  M.I.C. Gadget even got some hands on time with the case, and they have a full walkthrough below.