For my purposes, this stand works fine. It's small, fits easily into a gigbag and supports most of my instruments just fine. I've been using it on a normal 4-string bass, an acoustic bass and regular (acoustic) guitars with no problems at all.
However, when you're using a heavier instrument, like 6 (or more)-string bass I find the stand becoming somewhat unstable and the stand can fall over backwards more easily than I feel comfortable with. This is understandable, considering the weight leaning over the stand with such instruments and basically no counterweight on the side of the stand itself. It was not that important for me in this case, as I bought this stand for a normal 4-string fretless bass, but it is something to be aware of if you're considering buying this for a 6-string bass or more top-heavy instruments.