I wasn't about to pay Apple's extortionist prices for their case and cover and because this was one of the few cases available at launch, I picked it up. First, I'll start with the pros (pun intended):
There is a loop on the back of the case that perfectly holds the Apple Pencil. It doesn't get in the way with the case folded back and it seems quite secure. Next, the case seems well made and sturdy (with one exception I'll explain later). I like the texture of the canvas and faux leather exterior and soft, sueded interior. And finally, the cutouts line up nicely, including for the camera and flash and four speakers, as well as for the lightning port, volume buttons, and headphone jack.
Now, for the cons, two of which are likely to be a dealbreaker for most. (and the main reasons I knocked off two stars) The biggie is that this case is obviously made for the iPad Air 2, because the magnets don't line up, meaning the wake feature doesn't work AT ALL.
The next major issue I have with this the latch to keep the case closed; it takes so much pressure to secure I'm also fairly sure it'll break off in the near future. In fact, it takes so much pressure that the "R" in "Targus" has broken off already.
I'm also not a fan of the hole in the back where the case rotates. It leaves the back of my iPad exposed to scratches, which totally defeats the purpose of a case. It's no problem, though; I just put an old iPhone 5 screen protector on the back.
Another small issue I have is the cutouts in the case for the four iPad Pro speakers are in the frame that secures the iPad itself. The problem with this is that those leave those area soft and I worry a little that if I grab the case where those cutouts are, the iPad might pop out. I highly doubt it will, but I don't like that the case pulls away like that.
Overall, it's a perfectly serviceable case and it does most of what I'd expect a case to do, with the main exception of the wake up function. Unless you REALLY need the ability to rotate your iPad Pro, I'd suggest looking elsewhere.