I have just read from other posts here that many third party covers don't have that function yet. You may check out some other cases that claim they do. I have seen some on Amazon.
I think RooCase is a good brand. I have had good experience with them.
I had Bear Motion for my iPad 4 and just ordered the same style for iPad Air. A little bit more expensive but it is a turely beautiul case if you looking for good quality one. http://www.amazon.com/Bear-Motion-Genuine-Buffalo-Function/dp/B00ESARE84/ref=sr_ 1_11?s=electronics&ie=UTF8&qid=1384030672&sr=1-11&keywords=bear+motion+ipad+air
I also considered the Zaggkeys keyboard case but it is too much to pay for 99 dollars for a case. http://www.amazon.com/ZAGGkeys-Folio-Backlit-Keyboard-Black/dp/B00EXPSEFQ/ref=sr _1_1?s=electronics&ie=UTF8&qid=1384030762&sr=1-1&keywords=ipad+air+keyboard
There are so many choices on Amazon.
I also itself think rooCASE is a good brand that makes great cases for different types of consumer electronic products. most of their cases has great functions at a discount if you can spot their deals online
I have few roocase that i on my iphone 5 and ipad 4.
I recently pick up their ipad air case on amazon on speical for $5 shipped via prime but it seem like the price has went up gone to $10 with amazon prime but i think its a steal vs official apple smart cover which i purchased it with my ipad air. below is my review for the roocase origami case for ipad air vs the original apple smart cover
The roocase origami slim shell case for the ipad air use similar material as the original apple smart cover on their origami flap cover and on the shell case itself has a matte texture finish on the outside so it feels smooth when you grip on the case.
The origami flap on the roocase offers the same two viewing/typing angles as the original apple smart cover plus the additional portrait viewing angle which i find it extremely useful when viewing my facebook, reading through my kindle app or surfing on safari vs the traditional landscape view offers on the smart cover.
Everything seem to be working just fine in this department including shutting off the unit when you close the flap and wake up by itself when open up the flap.
Below is the link where i got the origami case for my ipad air.
I'll try to post up some images later for my purchase and good luck finding a case for your new ipad air.
I bought an Apple cover for my ipad air and it doesn't shut of my ipad and it doesn't waken it either.Because there was a flaw in the leather, Apple have sent me a new one.These covers cost £65.Anyhow, the replacement cover doesn't work either.I have an ipad 2 and have never had any problem.I have read that some people who have been experiencing this problem, actually have a faulty ipad.I am calling Apple tonight.