It is adjustable for tension, but it still gives if you put pressure on it. With it's four different surfaces, you get different 'slack' areas, which means more or less slack depending on the distance between the two pulleys you are working between. Working lightly against it with it fully tight, between two short pulleys, you could get pretty close to flat, but not dead nuts, in my opinion.
I use it to convex grind, and I am still tinkering with it to get the most out of it. Another benefit is that you can rotate against it and get consistent results. Comes in handy for guards and such.
I am a neophyte still, so I am sure others will be along soon to add their experience.