seems really stable. really easy to do, just drill a hole in the guard, hacksaw down the bolt (so there's about as much thread as there is non-thread, or just a tiny bit more thread), then file down the nut, and hey presto. (Easier to get it tight so that it doesn't rotate by turning the mount itself rather than the nut on the back once it gets so tight.)
obviously it's only as stable as your mudguard is - it probably wouldn't be as good with those plastic seat-post-mounted mtb mudguards.