There have been threads concerning this type of product in the past.
I did some research and I am convinced it's snake oil. I checked some of the sources listed on the web sites and found them either anecdotal, false, or non-existent. One university study they cited as supporting their claims actually said the product didn't work.
In addition the following info can be seen at this
Site. "The Consumer Reports in 1996 tested an over $500 magnet water treatment device. Two water heaters, over a two-year period, had over 10,000 gallons heated. One was "treated" with the magnetic treatment and one was not. The water heaters were cut open, and the tanks were found to contain the same quantity and texture of scale. There was no difference according to Consumers Reports.
Note: Those who claim any product will solve all water problems used to be called a "snake oil salesman." You, the consumer, must do your homework ... and "buyer beware." We repeat ... we have NOT actually seen physical evidence, "proof," that any brand of magnetic water conditioner works."
And
hereTests of nonchemical scale control devices in a once-through system. G.J.C. Limpert and J.L. Raber. Materials Performance, Vol. 24, No. 10, 40-45, (1985), Oct.
The abstract of this 10-year study at the 3M Corporation reads as follows:
"Experiments were conducted in a test heat exchanger system to evaluate 10 nonchemical scale and corrosion control devices. These devices may perform either by electrostatic, magnetic, electronic, or catalytic mechanisms. Chemical tests also compared results with non-chemical systems to insure the test conditions were not so severe that scale prevention was impossible. Water from a single deep well known to cause calcium carbonate scale when heated was used in all tests. The test heat exchanger was a two-tube shell and tube with steam applied to the shell side. Water flow was either in series or parallel through the two tubes,depending on the desired test conditions. No device tested significantly reduced the amount of scale formed, compared to the controls. Proprietary chemicals containing phosphorous reduced scale formation almost completely."
An internal report (PDF format) (http://www.osti.gov/dublincore/gpo/servlets/purl/567404-bQ4DwB/webviewable/567404.pdf) by a group of engineers at the U.S. Dept of Energy's Lawrence Livermore Laboratory describes a carefully-done series of experiments that failed to reveal any beneficial effects of MWT at one of their water treatment facilities.