This is a must see as well as a very interesting concept sort of like the SMOT concept.
http://www.youtube.com/watch?v=vqbQyRVYgsU
I am wondering if he is using any sort of shielding to allow the bearing to make it past the center of attraction or if just the angle of the down side and gravitational pull is greater then the attraction.
The other issue is if the bearing is able to be eventually attracted back to the same level as it's original highest point. I think using tubing would be the best way to experiment with this concept.