LEGO released 6989 Mega Core Magnetizer in 1990. Jarek (Jerrec) made it awesome in 2009.
Jarek added Power Functions and tweaked some of the details, but the spirit of the original set is all there.
See photos on Flickr and Brickshelf (when moderated).
Ahem, I think you mean “more awesome”!
^ Heh heh. :-)
This was always one of my favorite lego sets. I think I still have a partially built version of this sitting in a bin somewhere. This is a nice update to the original.