Hi Elduende14, I think you are asking about the Music First passive preamp which is transformer based, not magnetic. This type of passive is called a TVC for transformer volume control, instead of using resisters.
Yes, I have heard it, however it is insanely priced and does not sonicly out perform the pieces of John Chapman's Bent Audio. His current passive uses autotransformers, offers many more features, is beautifully built, sounds great and is very fairly priced. You also get a 30 day audition period to make your decision. John's also a great guy to deal with.
Take a look at my review here on the GON regarding the details of the Bent Audio Tap passive TVC preamp, which apply to his current model.