Yep, it really is very handy, as it is about the same shape & size as my hones, so it is quick and easy to just move the hones out of the way, stick a pad onto it, and carry on refining the edge. It's also really handy for experimenting with, because all I need to make now are pads to stick onto the holder.
The magnetic pads stick like grease to a white shirt, they really do not budge when I am using them. The thin galvanised steel surface that I used really works incredibly well with the magnet pads.
Initially I thought of just using magnets on both the pads and the holder, but due to the alignment of the magnetic fields and it all being too difficult to line up properly, it got too hard, and was not a good grip anyways, so I decided on the galvanised steel, and it works perfectly. I think the only trick was getting the surface nice and perfectly flat while the epoxy hardened, so the tight clamping I did between 2 other wood pieces worked really well to get the galvanised steel to set nice and flat.
Mounting little rubber feet to the bottom also really makes the whole thing grip nicely on any surface, and gives it that extra height off the table to just make the stropping/honing very easy. (Gives your hand more than enough clearance from the table surface when you strop)
As for the woven cotton belt that I used on the hanging strops, I got some from a material/fabric shop. They had various widths and weaves and it is normally used to make clothes, belts, etc. I just picked out a 3" wide roll, and asked them to cut me off about 9 feet or so of it. I used my leather hole punch tool to make some holes in the fabric, and mounted them inbetween 2 leather strips for extra "hold".