I actually have the pink and blue rods. They came with a ribbon that loops around the ends. You wind your binding onto the "spool" then hang it around your neck with the ribbon. It unrolls as you sew the binding to your quilt and prevents tangles. It works pretty well but I have to admit I haven't used it much lately. I figured out a system of my own that's a bit quicker.
I don't know what the pins are for.