Here's some info I found on it...
Quote:
Here are some facts about the ingredients used in Magic Eraser:
The ingredients in Magic Eraser have been safely and commonly used for many years in a wide range of household products.
Formaldehyde is not and has never been an ingredient in Magic Eraser. One ingredient in Magic Eraser (formaldehyde-melamine-sodium bisulfite copolymer) contains the word "formaldehyde" in its chemical name. However, this ingredient is not formaldehyde and poses no health or safety risks. (Think of this name like "sodium chloride", which is table salt. Sodium by itself can be dangerous, but sodium chloride - salt - is safe.)
Magic Eraser is considered non-toxic. As with any sponge-like product, when swallowed this product may block the gastrointestinal tract. Therefore, we do advise to keep this product out of the reach of children and pets to avoid accidental ingestion — it is not a toy.
It is possible that formaldehyde may be present in minute, trace amounts as a result of the manufacturing process. Even then, the amount present is significantly lower than standards established by governmental agencies and trade associations, and is actually less than what is found in indoor air. In fact, no ingredients in Magic Eraser are subject to any health-related labeling laws in North America or in the European Union.
We hope you find this information reassuring. You can continue to use Mr. Clean Magic Eraser with full confidence in its performance and safety for you and members of your family.
For additional information, please call 1-800-867-2532.
Then after some further research I found this article that's more about the chemical/physical attributes of the sponge
Melamine foam - Wikipedia, the free encyclopedia
http://en.wikipedia.org/wiki/Melamine_foam