iGuy - the freestanding foam case for iPad and iPad 2 with tons of personality! Every bit protective as he is a blast to use, iGuy is the perfect iPad accessory for kids and grownups alike. He's lightweight, easy to hold, and he can stand on his own two feet, even while holding up your iPad. Great for viewing movies and videos, listening to music, games, etc.

From a protection perspective, the IGuy is fabulous. The foam is thick enough that if it were dropped the ipad would have significant protection, barring hitting the edge of a pointed item with the screen of course. The foam IS thick enough on the front of the iGuy (at least a 1/4 inch on the sides and almost a half inch at the bottom) that the screen would be protected if you dropped the ipad face down onto a flat surface like the floor. 
The holes for the camera, volume, headphones, chargers, and charger are actually useful, though certainly requiring a bit more effort due to the foam. Speck Products iGuy Standing Cover for iPad and iPad 2 (SPK-A0330)

Speck Products iGuy Standing Cover for iPad and iPad 2 (SPK-A0261)  Speck Products iGuy Standing Cover for iPad and iPad 2 (SPK-A0331) 

also available: 
Speck iGuy Case with Screen Protector for iPod nano 1G (White)  Speck Rubberized Protective iPod Nano iGuy Case IGUY-WHITE-4G, Fits 4G, 20, 30, 40 Gig Photo (4th Gen)Speck iGuy Mini for iPod miniiGuy iPod case holder