The purpose of the "Helping Hands" product is to hold items in place using alligator clips and make it easier to work on small items. Things like holding a circuit board, leaving both hands free for holding components and soldering them. It can also be found with a magnifier which makes it even more useful for working with small parts.
But, look at this thing! It's a baby robot!
The price (as of this post) is only $5.95! You could own your own "Baby Robot" HH55 Helping Hands w/ Magnifying Glass for less than $10!