Jeff,
The magnetic switch is a electrotronical whatzit but not so hard to understand. It's set up so if there's a power failure while you're running the saw and you don't remember to turn the switch off, the saw doesn't automatically start when the power comes back on. This could lead to nasty surprises - so it's basically a safety feature. On my Unisaw, the switch is actually a low voltage switch that works a relay in the motor control box.
Here's a picture of it:
I just bent up an aluminum bracket and mounted it on the switch plate's screw. The 'paddle' I scavenged from a conventional 110V switch from Rockler or someone. You can see that the original switch has enough wear that the "START" is about worn off. It works fine, though.
You are correct that the original power switch required squatting, squinting and groping. Since the avatar picture was taken, I've moved the switch to the left of the saw, which helps, too. I just drilled and tapped a hole in the bottom of the Unifence rail, which also had the advantage of moving the switch further forward so it's easier to see and reach. I can also turn the saw off with my knee.
Bill