As long as your tools are made of a ferric material, these replace all those fiddly (and easily broken) pegs and other arrangements we had to endure in the past. While you're working, you simply wave anything you've finished using temporarily in the general direction of a line of these magnetic racks, and the tool is securely held until you need it. Saws, chisels, drill-bits - you name it, you don't want it cluttering up the bench, but you don't want to have to put it away into a permanent store until later. If you have enough of the racks, you may not even have to do that.
One tiny niggle is the lettering; it's not the most aesthetically pleasing, but doesn't appear to be removable without damaging the magnets. A pity. And, because they're so strong, you have to be careful when laying them out before fitting not to allow the magnets to mate. Attempting to prise them apart afterwards can damage the magnets or give your fingers a nip.
Once they're on the wall, you'll wonder how you managed without them.