I think its cool but it sticks out of the wall too much. It should be recessed more, if the magnet bit was embedded in the wall I would like it.
I'm not sure if there is a fundamental flaw with it, but I feel rather unsafe having to reach my hand so close to the outlet prongs when I unplug things. You also have the situation where the screws on the outlet cover can be loose and the whole thing tries to push in.
Personally I would like switchable outlets with contactors in them so you don't have to deal with a extension cord when its energized if you don't want to. I believe this is unthinkable though because of how fucking cheap people are.
I am guessing the design parameters for a traditional outlet are
-distribute clamping tension over a wide enough area to ensure some tug force requirement is met
-have a large enough electrical contact area to prevent heating (idk how well excess area helps with corrosion)
you can use these statements logically to construe an answer if the tugsafe thing is a bad idea, since your clamping tension area requirement is completely gone because you are entrusting this job to a magnetic field.