The Keyboard part is obvious: bluetooth, a micro to normal USB charging cable, pairs readily with the iPad2. The case part is less obvious: it fits over the front of the iPad when you aren't using them. I'm not sure how that is going to interact with the magnet cover I usually use. The magnet cover can be left draping over the back if you use the iPad in landscape mode.
The keyboard is just fine and way better than the virtual keyboard. The setup is a little small for a regular lap arrangement and unstable on one knee. YMMV. This is more in the nature of an observation than a complaint. The resulting setup is reminiscent of the Palm + folding keyboard I had a decade ago (and loved for keeping a travel journal). Similarly, it's tricky to remember that some things involve touching the screen; I keep reaching for a mouse or trackpad.
This should completely solve my travel-blogging problem. I've been reluctant to lug a laptop on an airplane since A. was born, but find it too laborious to write anything using the iPad virtual keyboard.
It's tempting to attempt this as a laptop replacement, however, I'm uncertain about the resilience of the keyboard case if kids get involved with it. Also, we have two original iPads that won't work with it and that will confuse and annoy the children. It's been tough enough convincing T. to accept the replacement of the blue car with the red car.
ETA: It works fine with the magnet cover. If you turn it off and turn it on again, it maintains the pair with the iPad. I have no idea how long that will be true.