I have several of the commercial models and, yes, they're really handy. My latest one has an LED light integrated into the tip. This increases the utility of the tool by an order of magnitude. You might want to think about adding a small LED flashlight to the tip of yours.
Bonus hint: The magnet will pick up any and all ferrous swarf on the shop floor. Cleaning it can be tediously annoying. Wrap the tip in some Saran wrap or similar, held in place with a bit of wire. When the swarf beard gets too large, simply pull the wrap off over the trash can.