Heh, that would be cool... but it would put your iSight off-center, which is one of the big selling points for it: the fact that it's almost at eye level and you're almost looking straight into it when you teleconference. With this stand, you could move it above your screen, I suppose, but that would defeat the point.
On a side note, that's what makes teleconferencing on TV and in movies look fake: they look directly at the camera. In real life you don't do that because you're watching the other guy on the screen.