The concept is simple in that a magnetic field is introduced in one press roll to attract the opposing roll thereby forming a press nip.  In previous attempts, the field was huge to pull two large masses (cast press shells) together and the consequential power consumption figures were substantial.

In this day and age, electrical components have improved (downsized) and the masses can be greatly reduced.   Just think of two shoe presses opposite each other with a magnetic field pulling the shoes together.   Each shoe press would retain the internal lube system but neither shoe press needs a loading system.  Loading is varied by field strength and is absolutely flat across the machine width (no crowning).  Alternatively, the magnetic cores could be built in cross machine sections to provide infinite variability in a nip profile.

Depending on the shoe size, nip widths could be as long as you want which increases dwell time and decreases the total loading required.

A complete press section, with multiple, inline, "MagNips" could be designed without heavy framework to counteract and support conventional loading systems.  The cross machine mass of press components (press rolls) don't have to be designed for critical speeds or ring stresses.  The heaviest press component would be the magnetic cores. 

The benefits of this system would be smaller press sections, better felt life (lower peak loads), no press roll covers to buy and crown (just shoe blankets), much lighter press frame work, no huge hydraulic power units, lighter foundations. 

The downside would be power consumption but I'll leave that up to the experts to sort out.