There is no shortage of iPad holders and cases on the market today. Typically, you can find plenty of cases that will prop your iPad up on a table or desk for watching movies and other content comfortably. The big problem with that sort of case is that if you aren't sitting at a desk there is nothing you can do to prop the iPad up.
A company called Standforstuff has a case called the Swingholder that looks like a microphone stand. It has an articulating arm with a counterweight on one end. You clip your iPad into the holder part and then you can adjust the iPad to whatever position you need and it will stay. The counterweight makes it easy to adjust the position if you need to.
You can put the tablet exactly where you need it for hands free reading or watching streaming content with ease. The are a couple downsides I can see. The big one is the SwingHolder is rather bulky. The other is that the holder is expensive at $239.