I wouldn't mind a semi-permanent "stand" when used like that.
But I would be uncovering it all the time to see texts, phone calls and notifications. Maybe to the point of being obsessive compulsive. Then throw the thing across the room.
Also this would mean no bumper or cases besides a back cover. I went naked with my 4S for a while but then it fell in a parking lot. While raining. Never again.
When I was in Australia though, I noticed one of the most popular cases is one that has a flap that goes on top of the front of the iPhone. Again, I think that would drive me nuts but hey.