Power Balance touts its products as helping to improve balance, strength and flexibility. Earlier this year however, the company released a statement indicating that these claims may have been misleading.
According to the Power Balance website the brand is committed to bringing performance innovation to every athlete in the world from professional to recreational. We want everyone, no matter their level of activity, to maximize their potential and live life to the fullest." It goes on to note that "The founders of Power Balance™ have always believed in the benefits of various holistic practices and Eastern philosophies and set out to develop a product to more easily and affordably embody these beliefs."
The power of positive thinking may be big factor here. I found no scientific evidence on the site or packaging that explains how the technology works and so it could be that the "power" of the silicone bracelet with hologram insignias comes from being one with an elite group of athletes like Shaquille O'Neal, Dustin Pedroia, Drew Brees and many more. They do wear them to compete. Positive thinking IS powerful (as is celebrity endorsement) and just like we feel a little like Rafa wearing his shoes, or like Roger in a Rolex (will likely never experience that one), it is possible that people feel part elite athlete wearing Power Balance products simply by association and by the power of suggestion.
People do report feeling good wearing these. Karma baby. I am reminded of a quote: "Everything that is created begins in the mind" (Ruth Fishel, 1988).
More info at Power Balance. A bracelet retails for $30 and comes in a myriad of colors and collectible styles.