The idea/inspiration/credit for this idea came from here. Another blog full of amazing ideas.
My friend "Bear" in the metal shop at work fabricated the metal strips. I used Mod Podge(!) for the first time - and have to say "what have I been afraid of?" That stuff is awesome! I used Mod Podge to glue down the decorative paper and then another coat or two on top to seal them. I used 3M adhesive strips to mount them to the wall.
The magnets are homemade too! My wonderful DH went to HL and picked up large "marbles" and magnets (pack of 10 for $2.99-magnet strength 10) and adhesive M3000. Grab some scrap decorative paper. A dot of Mod Podge on the flat side of the marble and stick it to the paper. Once the paper dries, use your Exacto knife to trim around the marble (it doesn't have to be pretty). A coat on the other side of the paper to seal it. After that dries, put a dot of M3000 on the paper and stick the magnet to it. After it dries, you have a great, strong magnet. Word of advice - these magnets a re strong, so don't let them get too close to one another when drying. My magnets did travel off their designated spot on more than one occasion.