Up until now I've been hesitant to use "magnetic holders" to grind my blade stock flat because I don't like magnetizing them and picking up every little spec of metal dust in my shop. This seems like a really cheap and easy solution!
Thanks fellas! I'll pick one up as soon as I get a chance. FWIW, the slippie went pretty good. I'm REALLY happy with the look and whatnot. The blade warped during temper (I won't grind it until after, next time) so it doesn't close anywhere close to center and I don't think I like washers, but the bolsters were really easy (thanks to Bill Vining's tutorial) and the HT went great. I think I've got the slippie bug.
Well, I ordered one and actually recieved it in just a couple of days. Powered it on tonight and tested it on a magnetized blade, and the thing works perfectly.
I'll also suggest to look for a coupon code for free shipping for purchases over 25 bucks. You'll just need to add somethign that cost a few dollars since this unit is so cheap, and bada bing.... money saved.