I actually have one of the cheap "Helping Hands" that I find very useful for holding certain things while soldering such as wires and components, for example a switch. I never use it for circuit boards though, for that my panavise is so much better. I took the magnifying glass off right away because it just got in my way and that soldering iron holder is idiotic. I put some shrink tube over the alligator clip jaws because they were too sharp and damaged the things they held. I haven't had any problems with the alligator clips falling off and they look just like the one at the link.
The one on the link you posted is overpriced. You can get them way cheaper on eBay if you don't mind waiting a while for China shipping: http://www.ebay.com/itm/Third-Hand-Soldering-Iron-Stand-Helping-Magnifying-Tool-OE-/122118568705