Ugly is kind of irrelevant when it's plugged into the back of the TV. The back of most TVs are ugly anyway!

I don't think the device will fail from hanging, as it's static, but it will almost certainly put strain on some varieties of HDMI connector, depending on orientation, and may be prone to falling out. One solution might have been an adhesive velcro pad to attach the device to the TV.

In any case, it's pretty impressive to offer 4K in a device a fraction of the size of the new Apple TV, and powered only from the HDMI port. Now all they need is more than a couple of dozen titles in 4K!