Or get the gorillapod zoom fake copy for $12 US
http://www.dealextreme.com/details.dx/sku.13610
I dont' have any experience with the original but this doesn't work as well as the pictures on Joby's website. I tried it with my 40D + 17-55mm F2.8 IS lens wrapped vertically around a pole and it would just slide down. Kind of hard to manipulate too.
EDIT: after watching some youtube videos, it looks like I may have been using it wrong.