I bought this as I had a classical guitar and was buying an electric guitar at the time. It's nice that this stand can be used for either one.
The material the guitar sits on is soft, yet firm, and provides good support for the base of the guitar. It also keeps the guitar in place well, with little risk of it slipping to the side.
Pros: Can hold an electric or acoustic/classical guitar, sturdy, rubber part of feet keep it stable on the ground and it's great value.
Cons: This may be more of a preference thing, but when using an electric guitar with this stand, the guitar does angle back a lot, meaning you can't put the stand up against a wall, it has to be pulled out from the wall a bit to leave room for the headstock. It's a pity that you can't really put your guitar on the stand while it is plugged in, with my guitar anyway, the output jack pretty much lines up with the supporting arm. It could left plugged in if the guitar is angled slightly on the stand, but that's not advisable.