Those who decided not to buy into the iPad “premium” product sell and instead went for the “cheap but good” marketing of Google’s Nexus 7 might have been lamenting the fact that there was no Smart Cover alternative for their nifty new tablet.
The Apple Smart Cover is a foldaway cover that is designed to automatically turn your device on and off as you remove and apply it to the surface. How? Magnetization that also handily gets the cover to sit quite securely on the surface of the iPad.
Apple has a patent in the design and Google is unlikely to want to get into any more legal lockdowns with their technological brother. However, it would seem that the functionality is there: the video below demonstrates how the Nexus 7 has a corner which responds to a magnet.
You can probably expect third party cover creators to be including this functionality in cases very soon (if they haven’t already).