Actually, you can get the bike to hang vertically on it. The clamp is BIG and has a lot of adjustment, along with tension crank that lets you set it at a particular angle. It's not hard to set it up to clamp a tube other than the seat post and hold the bike vertical. The tricky part is balance. You've either gotta have the pivot near the center of gravity of the bike or tighten the crap out of the clamp rotator. I generally alter the tilt of the bike several times while I'm working and the stand does fine. I don't know that I'd trust it vertical for long term storage but for short term messing around (back wheel removal anyone?) you can totally mess around with orientation.
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Overall a great stand. This is the first work stand I've ever owned and it does a hell of a job. It's got a ton of adjustment, and once you figure out the technique isn't hard to set up or stow away. I like the big honker clamp's adjustability for grabbing different size tubes for different bikes and different work. My only real complaint with it is the finger-chomper push releases on the legs. You have to push real hard to get them to disengage and they inevitably pinch the ends of your fingers when you operate them.
It holds the bike very solidly when deployed and occupies relatively little space when collapsed. Assembly isn't too bad provided you RTFM.