Hope you enjoy it!
Don't carve your cases/buy any special thin strong magnet until you're sure you have the functionality you want!
Some users reporting it works great. In my XP, it works perfectly on RaymanFX's JB rom.
Lock+Wake - Same functionality as in iDevices!
Tested on: Megatron Rom, (derived from CM9)
May work perfectly on your ICS rom.
On some ICS roms:
It will work the opposite way.
Meaning that the device will unlock (wake) when the magnet gets closer to the screen,instead of further away (like Apple's, or other ICS roms)
This only WAKES the device, doesn't unlock it.
If you want unlock you can set locking method to None in the preferences.
It does NOT Lock the device on honeycomb roms.