Sorry, Ive not heard of this one. I love rubber band magic though, so do you have anymore details, ie a web address? the magician/inventer? what the effect is?
I went and bought the trick. It is smokin'! I've only been doing magic for like three years so I probably don't know it all, but I've fooled some knowledgeble magicians with this. Check out the site, there's a video demo. Dan Harlan and Joe Rindfleish had some very good things to say about it.