http://www.trek-tech.com/products/magmount.html
As this is a system of components, refer to the web site for a comprehensive description. Pictures from trek-tech web site.
The system works fine and the mag mount makes mounting and removing the camera much more convenient. The camera body attachment is less obtrusive than a conventional quick release plate IMO.
The mechanical clamp is effective and eliminates concern over failure of the magnetic attachment. I have no concerns over the security of the connection.
No problems with SD cards or the camera body but other items vulnerable to magnetic fields could be affected. I've had this mount attached to an istDS and a K200D for over a month with no issues. Purchased the Pro ballhead and three additional "mag buttons".
The larger Pro ball head isn't particularly robust or smooth but will tighten up to hold a camera and a BALANCED heavy 300mm lens under the conditions where a mono-pod is used. The smaller ballhead is suitable for a lighter camera or remote flash.
I find it convenient to use this mount with the camera carried on a neck strap when moving about but still easily attached to a 'pod when needed.
Summary: I find it very convenient when used within its limits as a quick connect device with 'pods/clamps in the field but it's not a great ball head for panning/tracking. Accessories are available to adapt the magnet lock to other type heads and unique, field expedient solutions.
H2