I've had mine since March and the tip just wore out. I use it a lot in Penultimate and Abble Dabble among other things (these are my heaviest hitters with the stylus). I loved it at first, but recently noticed it making a mess on my screen. So I took a close look at the tip and noticed the tip is torn. And while I was examining it, black stuff was getting on my fingers (hence the mess on the screen). I paid $13.95 through Amazon (sold by ChiTek Corp) and am going to see if they'll replace it.
I too removed the dangly thing (can't think of exact terminology) and hook it on the SIDE of my black Apple case (this is specifically why I bought this model, because the clip is thin and allows the attachement). Will update later re: status of replacement.