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You forgot "I rip them off car doors, spray them with Kilz and make them my own!" on the poll.
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With 15+ years in print/graphic design and now owning my own sign business on the side, I can say it is indeed a legitimate marketing tool. HOWEVER, in the same breath I almost always try to talk my customers out of magnetic vehicle signs.
Why? My opinion is that they are OK if you have no other option to put signage on your vehicle. (Such as with a leased vehicle or someone that has a business where they occasionally use their personal vehicle.) First choice would be a wrap or partial wrap (if you have the bucks) or at the very least printed or cut vinyl applied directly to the vehicle. I have designed some very nice looking magnets but even with a nice design magnets just scream "temporary" and that is not a good message to send out to potential customers.
One closing thought, magnets can cause damage to the paint/finish of a vehicle if not properly cared for. If you get magnets make sure you store them flat on a steel door or filing cabinet when they are not on the vehicle to prevent warping. (Warped magnets have a bad habit of flying off on the highway.) Also, be sure to remove the magnets weekly and wash the backs of the magnets as well as the vehicle before re-applying. Lastly, NEVER scoot the magnets around on the vehicle as the smallest bit of dirt or debris will grind into your paint like a scouring pad.
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They have been on my 'to-do' list ever since we sold off all the company fleet vehicles.
They can help getting through homeland security checkpoints.
Now that I see the world is full of so many a$$h0les that believe they can trash other people's property just because the world revolves around them maybe they're off the list.
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Some good vinyl lettering and logo/signage could work well also, but that depends on the vehicle. E.g., if you have a regular car, nope, but on a truck or something like an Element or the like, it works well.