Magnetic Tools
Magnetic Tools have two main abilities that make them distinct from any other tool within the game. Firstly, blocks broken using magnetic tools will drop themselves, rather than their normal drops. So stone will drop stone, grass drops grass, etc.
Their second capability is in line with their name, magnetism. All blocks broken using magnetic tools will be pulled straight into your inventory, rather than dropped on the ground. So if you're in a precarious position mining high tier materials over something like a lava pool, a magnetic tool will do a fantastic job of ensuring you don't loose those rare ores.
Future Ideas
Magnetic Tools are the start of a trend we'll be taking with the tier system to both simplify it, and give different sets their own distinct advantages. Our philosophy with these tools are that we've got tons of different materials in the game, so why not give some of them special abilities to encourage their usage by the players.