Image masking, which allows you to easily remove backgrounds or other objects has always been a tedious process in image editing tools. Photoshop has tried to improve upon the process with tools like the magic wand, which selects similar areas. Clipping Magic appears to be improving upon that feature allowing users to quickly strip a background from an image, leaving an image with transparency ready.
As far as the masking goes it was pretty good at making the correct masks. With a few adjustments I got the effect I desired. One thing I noticed, however, was that they intentionally blur the edges of the mask to create smooth edges. This will not be good for those who need hard edges.
I can see this becoming portable and on your phone once it leaves the alpha state. Since the process would be pretty simple; you can have a mask ready after 3 swipes.
Though free now, most likely this cool new tool will go paid once it leaves alpha.
Try it out now at http://clippingmagic.com/.