At Macworld 2011, I was shown the TabGrip (US$39.99), which looked and felt like a great iPad stand; I didn't realize that it had a major problem until I got it home and installed it. It's a stand that works in either landscape or portrait orientation. It consists of four riveted hard plastic sides connected by a soft and pliable rubber backing that allows you to stretch it so that each side snaps onto each of the four sides of the iPad.
The four riveted sides contain a hinged foot that allows you to stand your iPad just about any way you'd like. It is very uncomfortable on your lap, but it's meant to be stood on a table, so no problem there. The feet don't lock, so you really can't exert too much pressure on it before the feet slide down, but it's really not meant for use in that manner. For typing or viewing, the feet are sturdy enough.
With the feet folded against the iPad, holding it feels great. It seems to make the iPad more rigid and adds very little weight. When you hold it, it makes the unit feel very sturdy, and the rubberized grips feel just about perfect. Holding the iPad by the top and sides can add a lot to gaming or just about anything else, and since it doesn't block any of the screen, the TabGrip adds a bit of well designed lightweight heft in any position. The grips are of a size that won't let the iPad touch the ground, either from the front or back, since they are slightly thicker than the tablet.
When I held it in the TabGrip booth, I immediately noticed that it felt perfect and didn't let your fingers slide around due to the texture of the grips. In short -- I was quite impressed and thought that it was a great design that really improved the user experience of holding or standing an iPad any way you could imagine. At least until I got it home and installed it.