As akward as this 'No Pod' item might look, it makes sense. Sometimes you just can't run around with even just a Monopod, but you'll need something to help keep you stable. Sure there's been tons of DIY projects using this technique, but at least this version won't make you look completely silly. Another version of using this resistance technique is this Steade-Pod, shown here.
Personally i'm not sure why anyone hasn't made a DIY version using those resistance rubber bands. I'm thinking that would work much better since it would make the camera feel like it's 10, 20, or even 30 lbs. heavier. The No Pod Camera Stabilizer Available Here.
I'm going to officially coin the term for these things as 'Resistance Camera Stabilizers', because No Pod just makes umm... No Sense.