Ok, os you can't adjust the height, and the angle is fixed.
However, the height is just right and the angle is perfect for desk work (assuming you have a physical keyboard to use with it), using as a cookbook stand or photo frame, or watching films/TV. The stand itself is very sturdy and well made, and has a comforting weight to it. The iPad (4th gen in my case) fits very securely, with the smart cover. The lightening charger cable fits perfectly on it in the stand in both portrait and landscape mode. The base is small and discreet, making it very versatile - while its certainly not a portable stand, in that I wouldn't try and put in my back pocket, you'd have no trouble moving it downstairs to use in the kitchen, or taking into the office if you needed. As far as aesthetic is concerned, it beautifully complements apple's design concept. The metal fits perfectly with the back of the iPad, and looks great alongside the unibody macbook pro and Apple's other accessories like the wireless keyboard.
I shopped around for a good while to find the one that was just right, and this is definitely it! If you're not worried about adjusting the height and angle, then I don't think there's a better stand out there.