I have two of these, and for the price, they're awesome.
Not all that bright in comparison to a drop light, but for their size, they're quite impressive. The magnet holds it in place horizontally on steel, and they come in obnoxious (hard to lose) colors. One BIG advantage these have over most of the lights in this size class is that they're all plastic. Being non-conductive is important for the places I'll hang one of these.
However, I just ordered a pair of Nebo Larry C lights (they should be arriving in my mailbox today). The clip is magnetic, and rotates 180 degrees, and while they're the same size as the Craftsman pocket LED, they're over twice as bright, and only ran me $7 each. I'll have to compare them later.