it does still have two positions, but I hate it. The more horizontal position is achieved in one of two ways. You can either "flip out" the triangularly folded-up cover out from under the iPad, but that's too low for my tastes. The better position is where you "tuck in" the folded-up cover under the iPad. However, in this case the cover remains precariously in position magnetically -- it's too easy to for it to flip back out from under the iPad when typing.
I ended up buying the
ESR smart cover, which is similar to the smart covers of prior generations of iPad Pros. There are some downsides to the ESR:
(1) It includes a pencil "wrap around" that I don't need. This isn't that big of a deal ... I just keep the "wrap around" in the open position, magnetically secured to the back side of the cover. It does add some bulk of course. And I guess it's a nice feature if/when I do buy a pencil.
(2) It's thicker than the Apple version. I ordinarily wouldn't view this as an issue (and as it is, it is a minor one), but one of the things I love about the new iPad Pro is how thin it is -- the Apple version of the cover still makes it possible to discern this thinness, whereas with the ESR you lose that ability.
However, another thing I like about the ESR better than the Apple version is that I find the edges of the Apple cover uncomfortably sharp, which I never experienced with their past covers, and which I don't with the ESR.
(3) The Apple version comes in nicer colors than the ESR, which is of course personal preference. Apple offers a nice "denim" color. For the new Pros , ESR offers navy blue, pink, purple, silver gray, black, and white -- none of which are bad, but none of which are as cool looking to me as Apple's denim.