I received my FlipSteady a couple of days ago and today I unpacked it and put it on my iPad Pro. So here are my thoughts:
1) Fit and finish is really good. It looks like something expensive that you would buy from Apple.
2) All of the port and speaker holes line up good.
3) The case is a bit stiff at the beginning, but I expect it will loosen up over time as I use it.
4) The front cover does fold into all the various stand positions as advertised, although mine is a bit stiff as it is still new, so it doesn't fold quite as easy as the one in the videos. It could also be that I'm not used to using it yet, so it takes me a few seconds to fold it into another position. I can't just change the stand position with a flick of the wrist as he does in the video.
5) The stand is indeed stable, I'd say considerably more stable than the Apple smart cover when folded into a stand, but obviously not as stable as a true metal stand. The reason for the good stability is that the different sections inside of the leather are reinforced with aluminum instead of the plastic/cardboard (or whatever cheap material they use) that is in Apple's smart covers and most aftermarket covers/cases.
6) Because the front cover has so many creases/bends in it, the fit of the front cover when closed is not always exact -- meaning it has some give in either direction (left or right when held in portrait mode) when closed. So to keep it in place, you really need to use the elastic strap that is built into the back of the case. This is obviously how it was meant to be used. I'm not saying this is a bad thing, but just thought I would mention.
7) While the front cover does include the auto on/off magnet, because of the looseness of the front cover when closed, the magnet working is a hit or miss depending on how exact the cover hits the screen when it closes. If you get it exact, then it will indeed turn off the iPad. But sometimes it doesn't if it hits the screen slightly to the left or right. I don't really care about the on/off function, so this is a non-issue for me. Because the front cover has a small cutout for the camera (when the cover is open and folded around back, it doesn't block the camera), you can see if the screen is on, so if it doesn't turn off on its own from the magnet, I can just use the power button.
8) While this case will protect most of the iPad from scratches, it is not going to protect it from a serious drop. Keep in mind the sides of the iPad are still exposed. The corners are protected, but it's not going to protect from a hard drop onto concrete or something like that.