Differences in appearance are subtle and unnoticeable by the untrained eye (the imitation even has the words “Designed by Apple in California. Assembled in China” which is essentially true). It unlocks the iPad 2, keeps it propped up against its folds as intended, and shields the display when not in use – just like the original Smart Cover. The main difference? The knock off only costs about $6 – a fraction of the original’s price.
This Smart Cover probably won’t ever be sold in the US, but I’m sure you can find ways for somebody to import it for you. Head to the source link to check out more comparison photographs of the Smart Cover knock off.