I think that one has to be positioned over the water or some of the food will land on the bank/dock.
Yeah, that is a possible gotcha, but I think TH will sell tons of them. IMO, there's just no good $300 feeders out there, and I've tried most of them.
I can see them really bringing in the causal pond owner, and guys like me that want to try something sketchy without spending $800. It does have the powder coated paint and that great timer, so most of the best parts are there.
I think a piece of tin to channel the misdirected food will be all it takes to get value for the money with this feeder. At least I hope so.