"Passive Magnetic Stabilization" is sometimes referred to as Black Magic. While it's conceptually simple, choosing the strength of the magnets and the amount of damping material to include in the design is not trivial. Calculating the attitude behavior involved a significant amount of modeling of all the dynamics and environmental effects.
More detail on the "Orbital Environment Simulator", which is sort of a "general solution" capable of testing different satellite configurations in chosen orbits, will be presented at the 2009 Summer CubeSat Developers' Workshop next week.
Kentucky Space Graduate Student