The Padlette solves one problem: How do you strap your iPad to your hand quickly using a big rubber band? Insofar as that one problem is concerned, the Padlette (patent pending) does a great job. You stretch the loops around the corners of your iPad and you're able to slip your hand in between, securely holding the iPad with one hand.
How secure is it? I stood over a bed and shook my hand around but wasn't too worried the iPad would fly off. In fact, you might be surprised how secure this thing is -- the rubber sticks well to the iPad but won't rip the hair out of your hand (I have moderately Hobbitish hand hair, YMMV). I suppose you could attach the iPad to a golf club or pole or use the Padlette to hold your magic wand between wizard duels, but that isn't its primary purpose.
Anyway, the Padlette isn't new, but they were at CES hoping to score some larger notice and distribution. There's also a few versions of this, but frankly I couldn't figure out why -- they appear to be grippable in different ways? There's the deefour, the deethree and the new yinyang, all using the same idea but with a different hole cut in the middle of the rubber band. I don't think this would sell well in a Target, as it seems primarily suited to trade shows or teaching or somewhere you might need to hold the iPad safely in one hand. Which isn't that often, frankly.
The Padlette comes in a variety of colors and costs $19.99 on Amazon. Oh, and it supports any full-size tablets for you cross-platform fans out there.