Intentional Design, Not Broken!
I had purchased and returned this product, because I mistakenly thought the magnet was installed backwards.  I have since discovered that was actually an intentional design of the item so that it could work with the different polarities of various iPad versions.  It is actually very simple to remove and flip the magnet around.  I was originally frustrated but the seller went to great lengths to ensure I was satisfied.  That kind of diligence in this day and age is hard to find.  The product itself is awesome and I'm re-ordering a replacement for the one I shipped back in error.
Rating: 5 stars