Actually there is only one angle. It stands at an angle similar to how you would view your laptop. It has been perfect for me. I thought I would miss the shallow angle option from the Apple flexible cover and I carry it in my briefcase just in case but I have not used it once.
The iPad viewing angle is not adjustable with this Keyboard. It has only one setting designed to have a strong magnetic hold. It is a great angle for movie viewing and typing, and for the necessary taps on the iPad screen when typing in the keyboard.
No, the viewing angle is not adjustable. It locks into one angle. I haven't found myself wishing I could adjust it, however. At least for the way I use it (sitting on a desk/table in front of me or on my lap) it doesn't seem to be necessary.
No, not adjustable but I'm not sure what's wrong with Nathaniel's but i can pick the whole thing up by lifting my iPad. My magnets are extremely strong and the iPad never moves unless I specifically pull my iPad forward to undock. You can use it in Vertical mode as well but the magnets aren't in that piece so it's a bit less secure that way. Honestly I love this thing and it has been perfect.