i don't remember much about its "mag" knock off, or was trying to avoid saying it lol
basically, you could equip these cosmetic floating bits, similar to armor.
but if you played Ep1&2 these floating items acted like the old "Barrier" behaving as a defensive item of sorts.
They would drop (rarely) from bosses, those GvG events, and probably gacha etc. 1 may be useful for clearing a specific boss, to nullify one of its attacks or mitigate damage.
Others could be element resistance, so if you were farming in an Icy World or Volcano area, you'd likely equip to the other floating barrier thing.
To me, it was alright. but definitely not as cool as the original PSO mags.
These were mostly just used as cosmetics for fashion, as (at least while i played) the general playerbase did not have the new thing to fight the (then) current GvG boss missions. Outside this, it was just used for the niche situations i described above. Perhaps it had something like a PB, i likely just never used it as was leading a team of 4 threw GvG and pulling times like 2-4minutes (Original Average 20-40min) & wouldnt have bothered to factor anything in my run that would require waiting additional time to use.
if 4 people must each have a dedicated 1min of killing their own mobs. then goodluck getting sub 4min times basically...