Just as a neck strap keeps a camera attached to your neck, the Canon Hand Strap E1 keeps a camera attached to your hand.
A neck strap has a tendency to get in the way when it is not actively being used -
and can even be the cause of a dropped camera if the strap catches on something unexpectedly.
If you are going to be primarily holding the camera in your hand, it may make more sense to use a hand strap.
The hand strap helps control and support the camera - and helps prevent it from falling to the ground.
The Canon Hand Strap E1 requires a 1-Series body or a battery grip for attachment.
However, hand straps including the E-1 do not provide portrait grip support.
So you need to add the weight and bulk of a portrait/battery grip to a non-pro body for no other reason than to attach the E-1?
Well, you still get the extra battery and you can still use the vertical grip - but not with the handstrap.
There is a battery grip alternative - the CamAdapter.
The quality of the Canon Hand Strap E1 is reasonable but not excellent.
It is priced accordingly.
I found the E-1 to provide minimal support as it is somewhat "rolly" with its 2-point attachment.
The Nikon AH-4 Handstrap is a much nicer solution.
As I shoot a high percentage of my shots in portrait orientation, handstraps do not benefit me much.
Recommended Shopping Resources (Using these links to make your purchase supports this site)
Canon Hand Strap E1 at B&H Photo
Canon Hand Strap E1 at Adorama
Canon Hand Strap E1 at Amazon.com
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