'05 up are intelligent so you don't need the magnet. If the tire dealer doesn't understand TPM they can screw them up.
They use a the silver cap and a different material in the stem and valve. If your tire guy is the kind that takes out the valve and throws it in a box with 200 others then pulls out whichever to air back up you will end up with the wrong valve. The wrong valve can ruin the TPM through corrosion with time.
I don't know about the older systems but my '06 will alarm only on low or on too great a difference between tire pressure. So if you have three tires and the spare at 35 PSI and one at 44 PSI it will alarm even though none are too low. Now and then one sensor will just go on vacation for a matter of hours or day. I guess they should get a little time off with all the running around they have to do.

Does the cap really matter. My dash light on my '05 has been on for a while, and I did have to put a stock cap on one of the wheels. Wonder if that's the cause?