They like him. He can bring the ball up, he is long enough to play three spots on the floor, he is very good at hitting threes in transition and at the left top of the key. He is older than some but he fits what they want to do well. He doesn't need the ball in his hands to score and he is a good rebounder too. We will see HOW much they like him later in the year, he also benefited from the Gerald Green injury.
Everyone assumed Ponds would get that other 2-way contract. Frazier was injured all pre-season but the Rockets clearly liked what they saw with him with the Vipers last season. His 6-4 size certainly helps with the versatility.