eXpansys offers the AMZER Shell Portfolio Case for Apple New iPad / iPad 2 in Black Carbon Fiber Texture, model no. AMZ90811, for $15.99. With $3.99 for shipping, that's the lowest total price we could find by $8, although we saw it for $3 less three weeks ago, since expired. It features a padded folio cover, lined interior, three viewing angles, and access to all buttons and ports.

Update: Coupon code "AMZER15" trims the price to $13.59 plus $3.99 for shipping.