Does the Twelve South Mobile Compass stand for iPad 2 work well with smart cover?

No, it is a waste of your money. I bought the $40 hunk of steel and it is now a glorified photo stand. The iPad is a touch device and in 3 months of using the 12 South Compass, on almost every surface where I set up my iPad on this stand, after a few touches it would fall over backwards. The rubber pads on the feet of the Compass do not prevent the legs from slowly moving backwards as you touch and tap the iPad and so it eventually collapses.

It is made of sturdy materials, but it does not function properly.