Hey chinq,

That slug probably controls magnetism from entering the computer. You do realize that magnetism can ruin not only a floppy drive, but a hard drive as well, do you not?

I know on my old HP computer that the same kind of slug wraps the cable that goes to the Power switch, and the LEDs.

400 MHz iMac DV/SE, 120 GB total (with external HDs), 256 MB RAM
600 MHz iMac DV/SE, 80 GB total 384 MB RAM
2 GHz MacBook 13", 80 GB total 2 GB RAM
iPod Photo, 30 GB
iPod Video, 80 GB
iPod Nano, 2 GB
AirPort Extreme with DSL broadband