The iPad is just too damn heavy. If you've already spent at least $500 on one, you might be reluctant to spend another cent on a stand that will relieve you of its 1.5-pound heft. With a nearly free coat hanger and some smart bending, you get a sturdy way to solve that problem.
Hey, this is not limited to iPads, either. Any tablet, picture frame or e-reader could be supported by this cheap easel. That is, if you don't mind looking like a cheapskate. But it hardly shows when your gadget of choice sits on it, so maybe no one will be the wiser.