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 me
