I have had the faucet for 2 years, and it has worked great.  However, the magnet which holds the faucet when it is retracted has rusted out.  The faucet is obviously designed to be installed in a wet location, so I am surprised that there are parts of the faucet which corrode with normal use.  So, the faucet currently hangs down and can not retract because the magnet is gone.  The touch on/off feature works great though.