The keyboard is cleverly designed, staying on by using the same magnetic hinge and edge magnets that the uses. That also means it provides the same back coverage as the Apple Smart Cover does--none.
To use the keyboard, you have to detach the iPad from the hinge and place it into the slot behind the keyboard. This slot also has magnets in it to hold the iPad in place; the magnets are strong enough that if you pick up the iPad, the keyboard remains attached. To disengage the magnets, you simply tilt the iPad forward, which makes it easy to lift out.
The bottom of the cover is aluminum, which matches the back of the iPad; together, the cover and iPad look like a single integrated unit. The top is a glossy black plastic, which matches the bezel of the black iPad but collects fingerprints like crazy. The matte-black plastic keys stay clean-looking, at least.
On the back of the right side you'll find a connect button, an on/off switch, and a Micro-USB port for charging. The rest of the cover is very clean and minimalist. The lack of rubber feet on the bottom leaves the case feeling a little slippery in the lap; the smoothness seems likely to lead to a scratched-up bottom surface over time.
For such a slim keyboard, the key travel is reasonable: It definitely feels flat compared with thicker keyboards, but it offers a sufficient amount of solid feedback. The keys are spaced as much as they can be within the confines of the iPad's width, and it's enough to not feel cramped. The keyboard deck has zero flex during typing, and the cover has minimal flex in general, noteworthy considering how thin the keyboard is.