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
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.
Step 2: What is that Little Circular North Pole in the Cover ??
That little North Pole tells the iPad to shut down when present.
The South Pole does not work !!
·The video shows how a tiny North pole magnet can turn the iPad3 off..
Step 3: SPEAKERS HAVE MAGNETS TOO
A compass indicates there is a North Pole on the back of the iPad 3...
And a pair of South Poles on the front screen side..
And a magnetic flux viewer shows a pair of speakers residing inside .
The film is dark green where flux lines are passing through the film ( out of this page ).
And the film is light where the flux lines travel inside ( parallel ) with the film.
Also the last magnetic picture graphic stays with the film until a new flux alters the image.