It has two forms (for lack of a better term), one that rests across your lap providing a wide, even surface to place your computer on without having it heat up your legs, and the other is a stand to be placed on a desk or table designed to angle the laptop in a more ergonomic position. Both setups allow plenty of air flow both below and around the computer to keep it cool and running efficiently.
The Laptop Desk form works pretty well. When laid across my legs, I felt nowhere near the amount of heat buildup that I normally do, and I also noticed the weight of the laptop to be spread out a bit more evenly (which is good considering my laptop isn't even in the realm of "lightweight").
The hinge in the middle not only allows for the stand to be folded in half for easy storage and travel, but with the help of a stopper on one of the halves, can be used to lock the stand at an angle. This, along with the rubber pads on the Laptop Desk & Stand, keeps the laptop at a nice angle without having it slide down.