I bought this just needing a cheap and cheerful tripod to hold my iPhone while I record a video interview. For £9.99, this one looked like it would just about do the job, but it's actually much better-built than I expected!
The top catch is spring-loaded, and extends enough to hold my iPhone 4 in a bumper case. The spring is strong enough to hold it sturdily, and the plastic is strong enough that I'm not worried at all about it snapping under the strain. Also, it isn't very obvious from the photos, but the camera grip is on a neat little ball joint, which holds strong when it's unscrewed.
For the money, this thing is surprisingly good. :)