That is a pretty great idea! I think this could become a really interesting puzzle game. The slow movement might make it a bit sluggish, but I thought it was alright for a slow paced puzzle platformer. Three things I'd improve:
1. The controls staying relative to the player character instead of the camera are a bit confusing. I think it would be better if it would always use the same directions (left arrow moves you to the left side of the screen while on horizontal surfaces and down when on vertical ones, while the right one goes right and up respectively), or perhaps it could have a setting to switch between different control schemes.
2. It seems like it needs some form of feedback regarding the direction you're going to fall to when you engage your magboots. I have to say though, I laughed pretty hard when I was on screen 3 or 4, engaged my magboots and fell sideways through all the previous screens and left the game world with high speed. :D
3. Since we're walking on magnetic surfaces using magnetic boots, perhaps it would be a good idea to have the character simply walk along the corner and move to the attached surface instead of simply stopping (e. g. when you're moving on the floor and you reach a wall you start moving up the wall, or when you reach the end of an elevated segment, you move to walk along its side). If it would make it too easy for the player, you could introduce non-magnetic surfaces, to which you cannot attach with your boots (or the player could enter those surfaces, but their boots would stop working and they'd slide along the side until they reach a magnetic surface or fly away).
All in all, I had fun playing it, it seems like a good idea worth expanding further. :)