I have small wrists, and when I tried the MagicBand on, it overlapped uncomfortably and the strap stuck out. So I peeled off the grey part, and it fit perfectly on the second last hole. If I'd had even smaller wrists, I could have sized it down quite a bit more.
I didn't have to file the shreds off. I found the band quite comfortable - soft, not scratchy and I didn't get sweaty under it, even on really hot days. I wore it for a week, even in the shower, and my skin was fine (except for the tan line). I sometimes get rashes from watches, but the band didn't bother me at all.