  J. Slonczewski invented spin-transfer effect in layered systems in 1996.
Among his first predictions was the regime of ``windmill motion'' of a
perfectly symmetric spin valve where the magnetizations of the layers rotate in
a fixed plane keeping the angle between them constant. Since ``windmill'' was
predicted to happen in the case of zero magnetic anisotropy, while in most
experimental setups the anisotropy is significant, the phenomenon was not a
subject of much research. However, the behavior of the magnetically isotropic
device is related to the interesting question of current induced ferromagnetism
and is worth more attention. Here we study the windmill regime in the presence
of dissipation, exchange interaction, and layer asymmetry. It is shown that the
windmill rotation is almost always destroyed by those effects, except for a
single special value of electric current, determined by the parameters of the
device.
