It's not just for use on a desk: it could easily work for an iPad-as-TV, as a kitchen counter tool, or even to set up with a keyboard beneath as a different type of work interface.
Attaching an iPad (second- through fourth-generation) is extremely simple, because the stand relies on a plastic iPad cover as its mounting bracket. The cover has a large aluminum ring that acts as the mounting connector. On the VersaStand, two large metal buttons release the iPad or let you snap it in. Once in, the iPad fluidly rotates 360 degrees for easy switching between portrait landscape views. The back cover can stay on your iPad -- it's Smart Cover-compatible and has holes for the camera and all buttons and connectors. It's a little thick because of the circle on the back, but it looks perfectly capable otherwise.
The VersaStand is 9.3 inches tall, so it's not huge. Better yet, it only weighs 1.2 pounds with the case. It all folds down extremely compactly to fit in a small bag.
I have a few minor concerns: the back cover's plastic construction could potentially break over time -- and what then? Ergotech will be selling the case separately, and in iPad Mini and Galaxy Tab configurations as well, but right now it's just a single-item pack-in for the large iPad. Also, the stand doesn't have any advanced dock functions. To sync or charge, you have to plug a cord into the connector port on the iPad and have it jut from the side. I don't know if there really could have been a better solution to that design problem, though.
The bottom line is that for those who want to turn an iPad into a flexible display, the VersaStand looms uniquely, and impressively, over the accessory landscape.