Along with Apple’s exciting new iPad 2 launch, was the unveiling of a new accessory. The Smart Cover, made by Apple, uses a magnet system to attach itself to the iPad 2’s screen.

At first glance it can appear magical. The cover literally snaps itself into place. Need an impromptu stand for your iPad 2? The Smart Cover converts into a stand with ease, practically on its own. It certainly makes you wonder, “How did they do that?”

Luckily veteran iDevice dismantler, iFixit, had the guts to rip one open and find out. The answer was obviously simple, magnets. But how many magnets does it take to make a Smart Cover work? Thirty-one. Ten in the iPad 2, in the right bezel, and twenty-one in the Smart Cover.

Interestingly enough, they are just your run-of-the-mill, two-pole magnets. It’s the way they are configured that makes manipulating the Smart Cover so easy. iFixit also noted that there is one, specific magnet, that is used to lock and unlock the iPad 2 as the cover’s attached.

So it appears this magical magnet myth has been busted (say that 3 times fast). It turns out it was just really good engineering mixed with some good marketing, neither of which Apple is a stranger to.

Does anyone use a Smart Cover for their iPad 2? How does it work as a stand? Tell us below!