A company already makes these at http://www.theipadframe.com/ . My wife got me one for Valentine's Day; we keep it in the living room to charge the iPad when we're not using it on the couch. I love it; it's a nice way to give the iPad a home without it just laying around on a table or having an empty dock hang around most of the time.

The difference seems to be the one I have is easier to load/unload (just slides in/out), not matted but has a thicker border, and uses an acrylic peg or two to stand it up instead of the wood piece. Also, it doesn't look like the iFrame can be in portrait mode, and the one I have didn't come with a wall wart.

Oh, and this one has a tiny brass peg that presses the home button for you, if you ever need to hit it. And it's a bit more expensive - I never actually saw the price until now.

I think I prefer the style with the matting, but I think, in the end, I'd prefer the ease of use (no clips) of the one I have.