The pin has an internal bearing so when on the stand, wheel spins freely while maintaining full contact with the pin (this is helpful when cleaning the chain).
What is nice about this stand is that you can use it on both sides of the bike. Why this is important is because if you do not have anyone around to help you put the bike up, you can easily put it on the left side with the bar facing forward and with the front brake engaged step on the bar.
Make sure when you buy, to verify it will fit your bike. The different models have different diameter holes for the pin to go into so this is very critical.