Yeah... it IS sort of an iron kind of taste.
What makes it weird with the magnets is, you can still smell the Iodine when you go to drink, but it doesn't taste like it smells at all and you don't feel it in your stomach and throat. I only ever had it truly burn that one time when mixed with a starchy juice, but every now and then it sort of feels the same way a vodka drink might feel going down or something carbonated... not necessarily a burning sensation, hard to describe that too... but not with the magnets. It's like drinking plain water.