I am apparently quite hard on mic stands - this Superlux has been great, and stands my abuse where the cheap Millenium ones (and some K&M ones) don't. The friction clamp holds well, it holds my heavier tube mics easily and has the advantage of the extending leg. This stabilises the unit if you add more load to it. It extends well (vertically) and feels fairly well put together.
Pros:
Cheap
Stable
Sturdy
Cheap
Flexible
Cons:
None really, at this price point.
I have some better counter-weighted stands, but they are big and cumbersome. This, more often, is the stand I will use - live and when recording. I love well made products that are priced to be easily, and affordably replaced. Highly recommended for those exact reasons - it isn't the best stand ever made, but for the price and utility - this is a total winner.
In terms of what weight it can handle fairly happily (my heaviest mics):
ELA M251
Rode NTK
Barkley Infinity ribbon ;)