Sure, you could try affixing some magnets to the back of your iPad, and get the same iPad-as-fridge-magnet effect for far less, but then what'd happen if the iPad dropped and shattered? You wouldn't have anyone to sue but yourself.
Not that I'm suggesting you sue Woodford Design if that does indeed happen, but I do appreciate that £49 / $76 is pretty steep for a couple of magnets. It can obviously be used in either landscape or portrait angles, and comes with replaceable corner clips for next year's iPad model. On sale later this year. [Woodford Design via TechRadar]