It's in as far as it can go, there's no real adjustment in it. But it doesn't sit completely flush all the way around, I think the angle of the photo just makes it seem less flush on the corners. I'd say it sticks out about 5 or 10mm out from the original bumper.
Like previously said though, it looks a million times better than just the standard black plastic valance, or even worse when people get that colour coded!! I personally hate to see that!
Everyone has their own oppions really :)
However I think these cheap aftermarket valances look pretty good after a bit of prep and paint, especially for the money