I was looking for the perfect iPad stand, but this one is something I didn’t think of and I might now consider. User 3n at Flickr managed to created an iPad stand, that works in both orientations, using the iPad packaging itself: with a small hand-saw and a few minutes of spare time, you can make a simple stand that even gives you access to the home button.
You use recycled material, you don’t spend money, it works: maybe it’s not elegant, but I guess to many people will be just fine. Check out the photo after the break. Thanks @takeo for the tip.