So far I have made three wallets and my friend is working on her second with Texture Magic and we love it.
Make a grid on the Texture Magic (TM) with lines 3/4" apart, I prefer on the diagonal. Sew the TM to the wrong side of your fabric with a wide zigzag or decorative stitch, on my Janome it is stitch 11 with a width of 7 (this did not work as well on my Bernina 730). On the wallets we made, we used almost a whole bobbin just in this process.
After you are done stitching, hold your iron ABOVE the RIGHT side of your fabric and steam it and you will see the fabric start to draw up. It will let you know when it is done as it will stop shrinking. DO NOT TOUCH YOUR IRON TO THE TEXTURE MAGIC!!
I have purchased my TM from two different sources but the best price I have found is on J. Hittles website. A package of 47x18 (I think) is just under $9.00.