I got just the “Smart Folio” in black, not by choice, but as part of the deal I got.
I had both the magic keyboard and the keyboard folio (which I used the majority of the time) for my pro 11.
I’m reevaluating my keyboard needs before I buy again including waiting a bit If I can for a new keyboard /case combo that’s incoming though I can’t reveal anything about it yet due to NDA.
That being said, like with my Pro 9, the majority of my use is tablet only anyway, so I think in the short term I can deal.
And BTW I can add another thing to the plus column for the 12.9 as Acrobat Pro with the pencil is noticeably more usable , due to the additional room.