There are plenty of good reasons you might want to prop up your iPhone. Say you're using it as an alarm clock. Or (sorry David Lynch) watching a video. MoviePeg, without being cutesy or funny or DIY-y, just does it.
iPhone stands are nothing new, but in some ill-conceived attempt to differentiate themselves they always try to add some gimmick. There's the "some-assembly-required" ilk. The expensive "some-assembly-required" ilk. The MacGuyver-inspired. The over-the-top. The really over-the-top. And one that's just an iPhone bean-bag chair.