It works very well. I like how it cuts the pipe at a 90 degree angle. The one I use in the video is made by K&S. The down side is that you can't change out the blade, so once it is dull the tool is junk. If anyone finds one that is small enough for modeling and has a replaceable blade please comment and let me know!
EBay. Search for 3mm clear white, yellow, or red LEDs. I have found the 3mm LED will fit perfect inside the 3/16" tube from Evergreen Plastics. You should also pick up an LED tester. You plug in an LED and can see how bright it will be at different currents. I use one to light up the LEDs in this video.
I think I will be making the jig and selling them. If you are interested please send me an email to the address in the description. It has been a great tool and I have ordered a large lot of magnets so I can sell everything you will need as a kit. I will probably put them on EBay. If you email me directly I will charge less because I don't need to pay EBay fees. FYI, I use PayPal. Thanks asking about this!