I've got one of the rear lights. Time will tell, but as far as short term impressions go, here it is...
I have a regular dynohub front light so there didn't seem much point in the fronts, and the beam shape isn't good, but the rear is much brighter than a regular dynamo rear.
The drag is lower than a hub dynamo, but only because there is less power being generated. I don't expect the overall efficiency to be any higher than a decent hub dynamo, and it may even be lower. You can get a lot of drag from eddy currents and magnets - they used to brake Japanese Shinkansen Bullet Trains with eddy current brakes.
The best mounting options are those available on the website - using the double front mount that attaches to the brake bolt, via the caliper brake bolt, or onto the cantilever studs. The stay/fork blade band-on mount is definitely second best as it's difficult to get the light fitted both close to the rim (3-9mm required) and rigidly. As a result, the rear won't fit well on a bike with a rear rack.
A fuller review by someone in California here:
http://bike.duque.net/review-the-magnic-lights.htm
How it works:
There's a rotor inside with radial magnets on it, and the eddy currents in the moving rim drag the rotor round. The power is extracted by putting a coil round the spinning magnets.
See demo video here
http://s168.photobucket.com/user/Vankoff/media/Magnic/MagnicMovie.mp4.html
This has a nut with 6 sets of magnets on the faces, with the outside poles alternating N & S.