This is not a standard case, but something like an adhesive sticker attached to the back of iPhone 5. According to Twelve South, you can paste the cover, i.e. reuse it around hundreds of times, and this is done by removing the protective plastic sheet from the adhesive inside the back cover. You can fold the front cover in such a way that it acts as a stand, just like the Smart Cover for the iPad does.
The SurfacePad by Twelve South is a very beautiful iPhone 5 cover, comfortable to hold, with a price tag of 32.20 GBP.