Actually, you can get the bike to hang vertically on it. The clamp is BIG and has a lot of adjustment, along with tension crank that lets you set it at a particular angle. It's not hard to set it up to clamp a tube other than the seat post and hold the bike vertical. The tricky part is balance. You've either gotta have the pivot near the center of gravity of the bike or tighten the crap out of the clamp rotator. I generally alter the tilt of the bike several times while I'm working and the stand does fine. I don't know that I'd trust it vertical for long term storage but for short term messing around (back wheel removal anyone?) you can totally mess around with orientation.

You can't really. It's designed for bike maintenance, which usually needs it horizontal.