The perkier of the two positions lifts the iPad to about 45 degrees from the horizontal, but that's not quite right for viewing video, somehow: it's ok at short range, but if you're trying to watch a film from more than a couple of feet then you start to feel like you're missing out. (The props the iPad up at 71 degrees - yes we did measure this using the on an iPhone - which is much nearer the perpendicular and therefore easier for film viewing.)
And the flatter 'typing' position is 22 degrees from the horizontal, which feels slightly odd - not better or worse, just odd - when you're used to the Smart Cover's almost-flat 13 degrees. These are small complaints, however, and it's pretty functional in both cases.
There are magnets strategically sewn into the mouth of the sleeve, in such a way that it clamps securely shut when the iPad is inside, and also holds itself together well when folded into a stand. A very nice bit of design, although one resultant quirk is that the magnets frequently wake the iPad 2 or new iPad (it also fits the first iPad, we are told, although we didn't test this) as they are being withdrawn from the sleeve - not a huge problem, indeed perhaps a benefit - or less commonly when they are inserted, which might waste a bit of battery power.
Overall, we found this an appealing and unusual iPad sleeve and stand. The price might seem a little steep, but it's strongly protective (when the iPad is inside, of course) and works pretty effectively as a stand; it also, as the editor of a rival magazine promptly discovered, makes an excellent human beak.