I'm currently working on development of my own magnetic power connector. This is to solve the problem of wanting to power lots of LEDs but without having batteries in every small thing. So far I have used disposable batteries, but I'd much rather be using lithium polymer (LiPo) batteries.
LiPo batteries are nice and small but costly and require a special charger. Given the requirement of limitations it is preferable to have a single larger battery that powers everything.
Okay so there is a bit of a problem when you have one battery but LEDs all over the place. Especially if those LEDs are embedded in parts of the costume that can be large or clumsy (wings) and need to be removed with ease. A magnetic connector can easily latch on and break with ease making quick removal simple.
For connivence when working with pieces of costume that might be hard to see while being worn I've designed the connector to only snap together when in the correct orientation. The colour code marks the direction of the magnet rather then the direction of current. This means all connectors are made the same.
I am using two 1/8’ neodymium magnets in each connector in a laser cut acrylic housing. The wires will be secured to the magnets with conductive epoxy (the photos here just show a dry fit.)
The connector housing is made in two parts one cut and etched for the wire, the second to fit the magnets. Brass pins made to align the halves when gluing.