Smart Cover Peek Mode: Partial lifting of Smart Cover would only activate part of the screen.
Apple got a new patent for the iPad Smart Cover. This new smart cover patent describes besides the known design a new feature called peek mode. Peek Mode would allow to only activate the uncovered screen area saving battery and processing power. The revealed display portion could also have a different UI. It could feature media player buttons and time date display.
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The smart cover is definitely a must have accessory for the iPad. Apple might release a future version of Smart Cover with more features including Peek Mode. More details on AppleInsider.