The magnet creates an invisible sphere around the player which pulls all loot to the player. This also causes the Trident to return to the player once it has hit the ground. It is still undetermined if it also affects the Sickle.
There was a bug in the 1.4 initial release where the Magnet's sphere of influence would interfere with the games floor generation. This would lead to floors with no rooms besides the one the player spawns within. The bug was quickly patched out within 24-hours.
This item's pickup text is a reference to the lyrics of the song Miracles by Insane Clown Posse.
It is unknown if the magnet is suppose to work on items already laying on the floor. Example: Health left in a room when the player is full. Should it be attracted upon re-entering the room?