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I just saw this over on JANGBRiCKS here. I see some potential dust issues, but other than that, the idea is brilliant! Take a look and watch his video. This guy has some of the best reviews on Youtube!
Here is the video. It is also embeded below as well.
it looks like he is using a combination of the following from Amazon I am showing the 6 x 6 plates and the 10 x 10 plates. He appears to be using the 10 x 10 plates.
Display Plates 6 x 6
The whiteboard appears to be about a 4 foot by 8 foot. See here. Make sure you get Magnetic if you are interested.
Finally, here are some rare earth magnets. I am assuming you already have a glue gun! You will need to figure out the proper size of these. I am still looking.