This could be handy on a hike. I could see setting up a off camera flash on it if you are into lighting a “moment” in the woods. Maybe a mushroom or flower? 
Or if you didn’t bring the big guns, just supporting a point and shoot as they probably intended is fine too. 🙂
The tool has a bunch of other implements in it too with a knife and 12 other tools, so it would be a great camping companion also. The Steady will ship in 2012 sometime and will cost $65.