I fitted one to my bike not long after I bought it, when it had just over 3,000 miles on the clock and four previous owners. I changed the oil very promptly because it had no service history. I found some assorted small metal particles in the filter (which was very black). The magnet that comes with the spacer kit soon proved to have done a very good job. The first oil change I did after that (about 1,000 miles later) showed that it had collected some more small steel fragments. Now the bike has done another 13,000 miles and had four more oil changes there is progressively less on the magnet, just a small amount of very fine ferrous paste the last time I pulled it, which was a couple of hundred miles ago.
The only downside is that the high strength of the magnet makes it slightly tricky to pull out the steel washer/cap that sits over the outer end of the filter!