From the video, it seems like the front cover won’t magnetized to the back. Not sure if the Apple Pencil flap is the one that will lock the front cover to the back. Need more review to confirm.
According to other users, the small flap can be rolled back to secure the front cover or just to the back so at least most of it gets tucked out of the way when using it in tablet/tabletop mode.
I guess for travel/ rough use this is an option, I'd prefer something light weight like the folio as well when used around home/office.
I ordered it yesterday (before the shipping estimate went crazy into Dec/Jan 2019) and it's coming tomorrow - will post when I unbox it.