I read a review on this stand a few days ago on TUAW (http://www.tuaw.com/2012/04/09/prop-n-go-is-my-new-favorite-ipad-stand/) and was impressed enough to order one from Amazon. It's now sold out, so the article must have driven a lot of traffic to the site. This is the new slim version by the company, not the bulkier version with the wedge stand.
So far I've very pleased. It's sturdy and nicely made. It's also comfortable to use on your lap, and stable when placed down directly on your bed. The viewing angles move through a wide range and are easy to adjust. The most upright one is almost vertical so if you're laying on your side and have the stand on your mattress, you can still view the screen straight on. And being raised up about an inch and a half helps too.
I think what some people are miss understanding, is that what ever method you use, it's only going to be comfortable for a limited amount of time. Versatility is really the key. My iPad is also in a Belkin shield, to keep the back protected and give it better grip. I like to be able to hold the iPad for a while, probably in a lot of the methods described here, but I also like to be able to set it down and prop it up, to keep reading. Having this stand nearby works out great. It's the combination that makes it ideal for me.