What a waste of money? You must be joking.
I have this stand and everyone that has seen it wants to use it and comments on how awesome it is. Four of my friends have seen me using this stand and bought one for themselves.
It's heavy duty, adjustable, slides perfectly under a mattress for bedtime reading or movie viewing. Also the plastic piece's teeth snapped and I was sent a whole new mounting unit by the manufacturer (very very good customer service)
If you dont have the cash to get the stand there is no reason to hate on it. In fact it's worth every dollar. Ive got many more hours of use out of iPad 2 bc the iProp makes me want to use it.
Dont think twice get it. Haters gone hate!