It only works in landscape mode and can be used in a 30 degree mode which stands the iPad nearly vertically. That's not a great angle for your lap but it's okay for viewing on a table, especially if you are watching a movie and don't need to tap any buttons. I've used it mainly in the 45 degree mode, which is a perfect viewing angle when on your lap. My only complaint is that the white straps make it look a bit cheap, and it appears that it's holding your iPad hostage, but that's nothing that a black Magic Marker can't fix.
You may remember it being announced in May and then tumbling into obscurity. There were production problems, and a small number got shipped, but now there is adequate stock. Pick one up now and you'll get free shipping, too, at least until the end of August.