Okay, it's cute. We will give it that, but this thing is made to hold your phone around your neck. It latches to your iPhone via the 30-pin connector. It does have a little lock mechanism, but it definitely doesn't feel worth the risk, what if it drops?
Not to mention, you are carrying your expensive phone around your neck, saying "Look at me! My iPhone 4 is up for grabs!" Do that in my neighborhood, with any iDevice, and someone will run by and grab it without before you know what hit you.
Actually, this may be kind of fun to wear with the iPad. Still, in all fairness, this isn't as bad as some of the other iPhone accessories we've seen. Have a look at those here.