That looks a bit more useful than the Fly Tying vice that I use, I could attach a rod with an alligator clip on the end. I find the existing rig is very handy for holding circuit boards while soldering.
Those who remember the real "Dick Smith" shops may remember a similar thing they had with two alligator clips and a magnifying glass on a weighted base, I gave one to a nephew a few years back, he uses it when making his War Gaming models.
Ian S C