I've been using a similar one to the magnetic octo keeper the OP's link points to on my teaching rig for a couple of years, though it's probably a different manufacturer (it's got no name or logo on it). I really, really like it. It holds very well, seldom disconnects on its own (even with the force of water of a giant stride, which seems to be when most octo holders let go), and yet takes just a firm tug to separate. I've never had a problem of getting debris in it, even when diving near wrecks, and it has never accumulated sand. The only thing that has happened to it in terms of wear and tear is that the color is wearing off the aluminum "cap" part of it. At a recent dive show, I picked up an alternative model that's not magnetic but instead has a little knob that pops into and out of a trio of bent metal clasps, but I haven't tried it in the water yet. As for the magnetic ones messing up compasses, I haven't experienced that effect at all. Those SP ones? I dislike them--most people just can't make them work, and rather than saying that people are simply dolts for not figuring it out, I'm more of the opinion that a device that most people fail to use effectively is poorly designed. I've got a whole mask box full of them on a shelf...they won't even hold pictures onto the fridge!
And as a side note, clipping off an alternate with a bolt snap--we actually do this in sidemount diving when we're breathing from the short hose on the necklace and need to stow the long hose reg. It takes some practice to become confident in one's efficiency in order to deploy it in case of emergency, and it's smart to drill it repeatedly so that there are no avoidable delays.