Hai Crepe,
I'll be ordering my first iPad soon. I intend to go for a smart cover because part of the tablet experience is being able to hold and enjoy your device. I feel cases tend to ruin the tactile experience, bulking up the device and making it feel less... well, smooth and "good in your hands".
The iPad is a little more sturdy than an iPod so entire protection doesn't seem as important to me. The biggest area of weakness is the screen, so I personally plan on getting a black smart cover.
I'd suggest that you don't hold an iPad by the cover, it is not designed to be used to dangle your iPad. You are asking for trouble if you dangle any device. Ensure the cover is over the iPad when you are moving, and is only ever open or folded when in use. It is not a handle.