I had all the same feelings about the Magic Keyboard when it came out. It's expensive and...really will it be that awesome?
Seems we both agree, it is that awesome.
We're also on the same page when it comes to feeling that the Magic Keyboard prompts you to use your iPad like a laptop while the Smart Folio prompts you to use it like a tablet. The versatility of the device is what makes it awesome and sometimes I want a tablet, other times I want a laptop.
My usage has the Smart Keyboard Folio attached most of the weekend as I do chores, watch some videos, maybe blog about a video or article (as I'm doing now). Because my iPad is in and out of the kitchen, and other places that kids create messes the more robust keyboard is something I desire.
The rest of the week, I use the Magic Keyboard when my iPad is not in it's stand on my desk. I work on my office couch, or in a park with the iPad in the Magic Keyboard and love the device.
If you want to know more about my thoughts on keyboards I did an iPad keyboard shootout recently.