I think the Magic bag is lovely, and another example of great design by the House of Fendi. Especially the all leather ones - the one that Rachel Bilson owns is tortuga, and there are other gorgeous plum and brick colored leather ones that have been released.
I actually just got my hands on the tortuga Magic bag that's identical to Rachel Bilson's bag, and I cannot wait to get home to try it out.
Beware of ebay - most of the Magic bag listings are of fakes.