This is the sleeve stand. It’s an iPad case that covers the tablet when you want to carry it around. However, you can also use it as a stand.
The stand mechanism is actually unlike anything we’ve seen for the iPad. It kind of reminds us of some creature’s mouth open around the iPad. Basically, you unzip the case to open it up, and you put the iPad in standing up. It’s an interesting design.
The inside is well-paded, so it offers a fair amount of protection for your tablet. At $30 it’s not a bad price for a case/stand combination. It’s certainly less expensive than much of what’s out there.