I bought this holder to gain some space and to protect my guitars from my cats (those little devils lol). I use it with an acoustic travel guitar and an LP style guitar. I wasn't too sure how it would hold up with the LP, but it's pretty steady, keeps the guitar straight and is easy to take the guitar off and put it back in.
I also have The Guitar Hanger Guitar Hanger and although it works pretty well and it's probably more versatile because of the hook which let's you hang it in more places, it doesn't keep the guitar as straight, it tends to tilt it back a little at the bottom.
This one is a great alternative if you only plan to use it in a closet and the price is pretty appealing.