It's similar, but the customer pays more for this one instead.

I'm not quite sure that's entirely true, as is pointed out in the article.

In the NL Apple Store, polyurethane Smart Covers costs €39 each while a leather one costs €69 (in Apple's eyes €1 = $1).

This wooden cover costs €50.

I don't think it's fair to compare wood to polyurethane, but feel free to do so in order to make your argument stand.

No you are right, in the US store, the leather case is ~$70 and this wooden one is ~$70 (not counting shipping or anything).

Ugh, when did cases get so ridiculously expensive? These are really rather exorbitant prices IMHO. For what these things are, I'd maybe part with...$12-15 for the polyurethane one and $20-25 for a leather?

At $40 or $70 (respectively), I'd need a case to protect my case.