The keys (I'm going to get super-nitpicky here) are slightly rounded and convex. They're every bit as solid and responsive as those on the Ultrathin keyboard, but the rounded edges should be concave instead. I kept hitting keys at off angles and misfiring on my typing.
The case aligns easily into laptop mode by way of magnets and snaps. The magnets also wake the iPad from sleep. But there aren't adjustable angles; it's one angle or nothing. The case has three different angles, which can help when lap typing (and it's more compact, too). The Bluetooth keyboard connects easily and has the requisite set of iOS-specific keys, and uses a standard Micro-USB cable to charge. Logitech claims up to three months of use on a single charge, but I've only had it for a week.
And, yes, you can fold this case open and tuck the keyboard underneath for in-flight or commuting purposes, in case you want to just use the iPad regularly. But the keys don't disengage from Bluetooth, so accidental presses may occur. Other cases like Belkin's (and Logitech's own) accomplish this trick.
So, who is this for? Someone who wants their iPad clad in a sturdy, well-working keyboard folio that feels like it can take a beating. The front cover that holds the iPad not only has thick, rugged side walls, but a small foam inner panel that feels shock-resistant. But to many others, the thickness and weight will be big turn-offs. I'd still take the Ultrathin Keyboard Cover over this case any day of the week...unless I was letting my kid use my iPad to write something. In that case, I'd stick it in this.