Monoprice 5" Ink Pen/Stylus Review (Link to product)
This stylus functions as a pen (with cap) that can be reversed to be used on a capacitive screen. The stylus "eraser" end works on my latest generation iPad without issue. Like many other styli, it features a thick nub for use on the tablet. It is not as refined as a Jot stylus (which gives you a better view of what you are writing), nor can it differentiate between different pressures applied to the screen. With that being said, however, it glides easily across the screen without misses. I found that the clip on the pen cap is not as durable as I'd like. I tried keeping it clipped to my iPad case, but it did not survive the day of being shoved in and out of my bag without snagging and bending.
All-in-all, it is not the best stylus in the world, but it is functional and can save pocket and bag space by combining the pen and stylus elements. The main attraction is really the price ... about $6. In that price range, this is a hard accessory to beat.