It really does work! I've had mine wrapped around the banisters, camera hanging over the side of the stairs, and it was tight and secure.
The Gorillapod comes with a screw adapter giving you the ability to add a tripod head of your choice, which allows for more flexibility.
I'd recommend buying the *SLR-Zoom* version if you have any kind of SLR or even bridge/hybrid camera, even if it doesn't exceed the weight limit of the *SLR* version. Once you add a tripod head, flash, maybe a bigger lens or lens extensions/filters, it adds quite a bit of weight. Better to be on the safe side!
Great gadget to stuff in your bag for when a larger tripod just isn't practical.