To start with I could not bring my foot all the way to the inside of my thigh, but lately I've really been getting the hang of it. And I'm getting pretty good at this balance.
Speaking of "hanging" though, there is only one small problem. When I'm bringing my foot up to the thigh, I find that I have to move my man-bits out of the way or they tend to get pinched. Not very fun.
A change from boxers to briefs when practicing yoga should take care of that though.