It actually consists of two parts i) the Snapshot itself which is the smart phone grip/mount (the keyfob+chain) and ii) a separate flexible tripod appropriately called the “Stand”. It works with various smartphones including iPhone 4/5/6 and Samsung Galaxy (although it might not work with the new iPhone 6 Plus – but you can ask them at the bottom of their Kickstarter page). Snapshot also works with any camera tripod with a standard 1/4″ screw thread.
The $10 is a good deal considering the lowest-price smartphone tripod I’ve seen is $15 (Joby MPod Mini) and the Joby GripTight Mount by itself (no stand) is $20. Caveats: they’re not U.S. based and their website is a little strange given that it shows leather goods and not smartphone stands – but maybe they’re just expanding into new product lines.
If you’re using or plan to use a spare smartphone as a security/surveillance camera with an app like Gotya, you might want to check it out.