Over priced no doubt. If you are wondering if that red collar is plastic, it is. Does not work with standard small bits, only extended bits. But, not just extended bits, the ones that taper down in diameter. You can try forcing the bit in (extended bits with same diameter all the way to the tip), but it won't fit with ease. The magnet will pop out of that grade 8 plastic collar. It is a strong magnet though.
It works very good for Phillip and strait edge screw drive bits, but can't be use on hex type (sockets) bits because of the configuration of the driver bits. That is why I didn't rate it with 5 stars. If you want to use it to drive 1/4, 5/16, etc head screws, you must use an square adapter then fit the magnet and then attach the 1/4 or any other size socket cube.