This Instructable shows the magnetic design of the iPad 3...
And the very unique Magnetic Cover ( Red Leather of my selection )
Objective here is to understand how the iPad uses magnets to operate this highly innovative product..
You will see the impressive array of magnet placement in the glass and aluminum iPad
and equally impressive leather cover, fairly bristling with what I assume, are NIB1 magnets.
1.] NIB = Neodymium Iron Boron super magnets
Step 1: FINDING The LATCH MAGNETS
My red leather cover magically protects my iPad
and among other features magnetically latches on, whenever the screen is closed.
Notice the North Poles in the cover are opposite the South Poles embedded in the iPad
and vice verse.
The opposing magnetic poles are strongly attracted to each other and hold the cover closed.
Remember "Like poles Repel Each Other"..
Also note, of the fourteen  magnets in the first leaf of this cover, not counting the little round one,
only four  of the five  in first column magnets actually Latch up with the four  in the embedded screen.