I've gotten a book holder for the pad (alternative brand). It's brilliant for long reading and watching movies. And writing.
The plastic book straps it comes with could hold the iPad, but not securely (they are made for book covers), so I inquired about this for tips, and for now I use stick-on Velcro, a simple and strong solution. (If you do this: don't put velcro in the center of the pad 1's curved back, leave that empty, that's give you a greater contact area.) [Update: there's a useful adapter now.]
The plate rotates, which is great with the pad. It has click stops at 90 and 45 degrees it easily slips into. Unfortunately due to the weight of the whole thing, it's a little tilted, this I have solved by simply putting the pad on it slightly tilted the other way. This works fine in both orientations.
Of course it takes just three seconds to take it off or put it on.
Once can also strap an iPad case to it, and take the iPad in and out of the case. When you don't use it, you just swing the whole arm out of the way.
If one wants, it can also be set with the screen pointing down so one is looking up at it. Or be set lower and further away, so one looks down at it. It's flexible.
It's quite heavy, as it has to be, but it was not too hard to assemble, took me twenty minutes.
This setup is great for video or for long reading. E-books or instapaper articles.
With a bluetooth keyboard, is also great for writing. I find it more comfortable than with a notebook, even if it has a stand. No arm strain at all.