Sounds like a sweet deal to me, good job! Keep us posted if the bandanna begins to wear or you have any other issues.Alright, yes it passed the slam test. Although that is very important, my wife shouldn't be slamming this one much - it's my closet.
Yes, the bandana not only looks cool, but it protects the finish from the magnet (it's wrapped about 6 times around).
As far as shelves go - I seriously just don't have a good spot for it. I figure this is a better way for me to make sure to know where it is instead of hunting under stacks of sweaters.
I know this isn't the first magnetic holder, but I was just tickled at the cost $3.99. High five, myself.