I found these videos on youtube on rubber band magic
Here is from Chris Brown (no not the singer).
and here is from one of my favorites Jorge Blass.
As a kid I remember playing with rubber bands. Sometimes I would fashion a slingshot out of just a rubber band and a folded piece of paper. Also I always enjoy making a start and a double star and as I grew older I gave up playing with rubber bands. I just started playing with them again when I started doing magic.
In my opinion rubber band magic is almost the same as rope magic. The only thing is that rubber bands are elastic and unlike ropes that has ends rubber bands have no ends because they are in loops.
A nice thing about rubber bands too is that they are found almost anywhere and if you are looking for an impromptu magic, I'd say that rubber bands are actually good props for such.
One disadvantage though is the limited tricks that could be done with a rubber band. Although there are a lot of tricks that uses rubber bands they are not as flexible as other props say cards or coins. A lot of these tricks too are mostly on the effect of penetration.
Well although rubber bands have that disadvantage they still amaze people. Thanks to the magician's creative mind and imagination. Because of these two things a very simple loop of elastic rubber becomes a piece of mystery, magic and awe.