It's nice, and along with an Apple Bluetooth mini keyboard, It makes a nice solution for note-taking/emailing/etc.
I also use it for gaming with an OTG cable, and a standard, wired controller. (See alternative controller thread.)
It is a nice, and functional cover, but frankly it is not worth the $40 just to say you have the "official" one. Something like this should cost less than half that.
I feel like I bought the cover, and additionally make a $20 - $25 donation to the "Suppport NVidia and GameStop charity".