“…and when you’re not using it you just pop the iPad out.”
Bingo. That’s the problem right there: the Magic Keyboard is less a case, more a desktop stand, with a very limited viewing angle. When I want to use the iPad as an actual hand held device, say when I’m teaching a class, I can’t just fold the keyboard back as you can with the combo touch. I have to remove the case entirely and I’m left holding the iPad naked.
The Magic Keyboard also offers no side protection, and no protection for the pencil in its charging position, which could be easily knocked off and lost. Now to be fair, the combo touch also provides no pencil protection, but the Logitech Folio Touch, my case of choice, does.
As to the textures, the magic keyboard’s leather-like surface has two problems: first, it’s a fingerprint magnet; the attractive Logitech cloth surface has no such issue.
Second, I’ve had two Microsoft keyboards; both surfaces began wrinkling and flaking within a few months, and looked horrible. Unless the material in the Magic Keyboard has been substantially upgraded, there seems little point in throwing away $300 on it.
“You get slightly better protection with the Combo Touch”
“Slightly”? You just said when you’re not using the Magic Keyboard you have to remove it and store it somewhere leaving your iPad with no protection at all. The Combo Touch never needs to be removed. To me that means significantly better protection.