While I haven't seen it in action, I approve of the concept of the Magnogrip. There is nothing worse than engaging in some DIY activity only to realize you will need to pause and go get another drillbit in order to successfully complete your task (in reality, there are many things worse than that, such as drilling into a conduit or water pipe) or dropping screws on the floor and having to crawl around on all fours like a squirrel looking into the cracks in the floorboards.
Its fabric construct consists of durable heavy duty canvas, industrial grade velcro and high-powered magnets that are strong enough to hold a hammer. What kind of hammer is not discussed, and therefore I approach this claim with substantial skepticism. Mostly because my hammer kicks ass and won't be held down by any mamby-pamby magnetic bracelet. No sir.
The Magnogrip is priced at $14.99 here.