We have no budget for a new computer right now, much less a new iPad, which we totally don't need in any event. And I don't even know if an iPad really needs a case. I sort of think a case would just get in the way unless you were regularly carrying it around. If we had an iPad, I imagine it would mostly live on the first floor of our house as a terminal/book/toy for everyone. And then the children would perhaps stop attacking our actual computers.
But if you did have $500-$800 to spend on a fabulous iPad, and you did decide you needed a case and were willing to spend $200 on one, isn't this case just stunning? Featuring salvaged WWII leather and canvas too, for an extra cool kick. I don't think it quite qualifies as steampunk (the era's wrong), but the feel is kind of right.
They also has a version that has more canvas and just leather on the straps, also beautiful.