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In order for smart covers to function, both the software (Android OS) and hardware (needs to have the appropriate sensor) has to support being put to sleep by a magnet (ala iPad and Blackberry). I am not aware of Android currently supporting this.
jseah is right, partially. giannis is asking if there is anything that can offer the same functionality as the Smart Cover. Which it doesn't mean that what he is looking is a magnet driven mechanism. giannis I would suggest you check out CaseSensor on the Android Market, I think you will find it suitable for your needs.
you are right, I'm not looking for exactly what the iPad is doing, since the hardware doesn't support it, but something with similar functionality. I've installed the application you suggested (CaseSensor) and it's ideal!
Does it work if my casing covers the side of the tab?