Randy,
We use a handheld small tools demagnifier, sold through industrial supply houses. There are many out there, ours cost ~$65 IIRC.
I'm reluctant to post a link because ours was TOO cheap (a product of China, and not their best work). It gets hot very quickly if leave it plugged in, even with the switch "off". It has a thermal shutoff but we don't trust it. I wouldn't want to help anyone burn down their house.
That said, it operates like Peter's. Both work on the same principle as the Furutech: pretty powerful electromagnets. By not spending $2K we have to provide the slow circular motion and gradual distancing from the LP (or silver disc) but it works very well.
Sonic effects are as Peter described, and gray scale improvements on DVD's are visible and measurable with Digital Video Essentials.
We A/B'd ours against the much less powerful $200 Walker Talisman and the $65 cheapie outperformed it easily.