Wow. Just... Wow.
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It works by extracting a hydrogen-oxygen mixture from water by ionizing it with electricity from the battery.
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I know I'm no rocket surgeon, but the last I checked, water IS a mixture of hydrogen and oxygen, chemically bonded by high levels of energy (usually, the burning of hydrogen in oxygen).
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The oxygen increases the octane value of your fuel.
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Oxygen would have exactly the opposite effect. The octane rating of fuel is a measure of its resistance to rapid burning. Oxygen would only contribute to increasing the rate of combustion (those of you running oxidizers like N²O have a pretty good idea of that already).
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The system also uses six powerful magnets that ionize the gasoline to produce smaller molecules and help separate the compounds into simple elements so they burn more completely.
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First, magnets do not nor can they "ionize" anything. Ionization is the addition of or extraction from a molecule's outer valence shell of electrons to alter the covalent bonding characteristics of a given molecule. Magnets aren't going to drive off or add on an electron.
If you couldn't tell, I'm highly suspicious. Keep your eyes on this one and see how long before there is a suit filed and the site disappears. Anyone remember that
ProLong crap? TMT? Slick50? Wonder where they are now? Just check the federal register for claims, damages, and awards. Those names are all there instead of in the marketplace any more.