Sounds to me like if you have access to a lock like this, and a strong magnet you could probably figure out what to do with it. I think it won't stop the truly malicious (almost nothing will), but it might stop many tinkerers that may have strong magnets sitting around but don't have the follow through to find a lock like this and experiment for a while... until the exact method is posted somewhere.
Also, I thought most locks had brass or other non-magnetic components just for this reason.