The idea itself is very laughable. You wave a pen that has some mysterious crystal in it that no one has ever seen and it can heal most problems. To many it might be confusing as to why this odd product seems to be gaining a small following (it still is far from mainstream). Well the company, Amega, states that they have done extensive testing and all of their experiments have confirmed everything they advertise it does. There are a few problems here. First off, they do not give out many details about the experiments they ran. Second, because the experiments are being done within the company there is likely the problem of experimenter expectancy. Their researchers may be seeing results that aren't necessarily there. Thirdly, their experiments are the only ones that have been performed on the wand. Without unbiased researchers weighing in and running their own experiments, there is very little credibility in anything the company claims.
Without any facts or real experimentation, the only thing that can be concluded right now is that the wand is a physical form of the placebo effect. The likely reason as to why people feel better after being "wanded" is that they believe that it will. It has been proven that people somehow heal from this state of believing so it is understandable that if the wand is really just a scam, people still can get benefit from it.
Who knows, it might actually work and the company is just very secretive about it. While it may not seem likely, people still get something out of it. To each his own. If it works for them, why not let them use it?