My ideal case would be the SGP Vintage Leather, only with the stand capability of the official case and made with some additional leather options.
I normally hate folio cases, but a screen as large as that of iPad demands one, and their ability to function as a stand for typing makes them even more worthwhile.
The trouble with nearly every folio case I've seen is that the bottom/back is made up of one flat piece of leather; this is how the Eco-vue, Incase, Griffin, all the cheap eBay cases, etc are constructed. This is fine if the device is consistently sized, but the edges of iPad are half as thick as the middle. What's needed is a snap on case fused with a folio-style cover.
Only a few cases do this--the Macally Bookstand, Xgear Folio, SGP Vintage Leather are all I can think of. All of those have downsides, and none are readily available.
In answer to your question, I'd pay $99 for a high-end leather case that matches what I've outlined above.