Clean design protects screen.
I realize that this size wasn't created for the iPad 2 with cover, since they're the same one used for iPad 1, but it was recommended for that configuration. The hinges on the cover catch on the insides of the sleeve, making the iPad difficult to remove from the sleeve. And since they catch on the felt, the felt is now starting to wear and pull apart.
It's still a well made sleeve, and looks gorgeous, but if I had known that the hinges would create a problem, I might have purchased the horizontal classic sleeve, or the iPad 2 sleeve.
I'd say get one, just get a different style one for your iPad 2 w/ cover.
I bought this sleeve for my husband's ipad after he saw me looking at the macbook sleeves. He was able to make it match his favorite sports team colors and have a great cushiony sleeve at the same time! The sleeve was custom made and arrived promptly after. He loves it!