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A new iPhone stand has turned up called the MoviePeg. The stand is very simple and appears to be a small chunk of foam with a cutout in the profile of the iPhone. You slip the thing onto your iPhone and it props it up.
The MoviePeg can be positioned in multiple places to hold the iPhone in landscape and portrait modes. There are a number of colors available to suit your tastes and the thing is downright cheap. You can order your MoviePeg for £4.99 plus shipping.