From the publishers website:
The Combat Pad initiative tracker is the ultimate tool for managing combat in your favorite roleplaying game. It is a wet- and dry-erasable board with a steel core, so the included magnets stick right to it! It is portable—about the size of a sheet of paper—so you can take it anywhere you're gaming.
Use it to quickly and easily track turns. Write the PC's, enemies', and NPC's names on the player magnets using a wet- or dry-erase marker, then place them in initiative order. Use the blue magnets for PCs, black magnets for enemies, and green magnets for NPCs. Hash marks label positions 0–25, making it easy to put the magnets in the correct initiative order. When the order changes, simply slide the magnets to their new places.
The turn indicator magnet points to whose turn it is; never accidentally skip someone again! As the round progresses, slide the turn indicator to point to the next player; it's now that player's turn. At the end of the round, the turn indicator will point to the next round magnet.
The next round magnet serves as a reminder to move the round indicator magnet. The round indicator points to the current round number, so you'll always know exactly which round it is! Write which round spells and effects expire in the notes section of the Combat Pad (e.g. "haste ends round 10"). Additionally, the notes section is a great place to record damage or anything else necessary to make combat run smoothly.
For tactical groups, delaying and readying guides make it simple to synchronize attacks—enemies beware! Slide the player magnet to the proper guide and avoid the confusion common with other initiative tracking methods.
Each Combat Pad includes:
1 magnetic wet- and dry-erase board
2 combat round indicators
8 player character magnets
4 non-player character magnets
8 enemy magnets
2 next round indicators
2 active turn indicators