You wouldn't think there would be much to improve on an egg timer, but you would be wrong :-) Most timers these days are digital, precise to the hundredths of a second, and runs on batteries. All three of these features, while indispensible for Olympic time trials, are not really all that great for the kitchen.
First, setting a digital timer usually involve pressing a lot of buttons or a button a lot of times. Second, most recipes do not require microsecond timing precision. Third, batteries run out when you need them most.
The Eva Solo designers decided simplicity is the way to go with a kitchen timer. Since most timing tasks are a few minutes to an hour, this timer is for precisely that... 0-60 minutes.
They also noted it would really be convenient if the user could stick this timer on any metal surface (fridge, bread machine, etc...) so they put a magnet on the back of it. The silicone backing keeps the timer from marring any surface... yes, they thought of everything.