Crucial question: how many red bags do you want?
Magenta is, well, magenta. Pink/purple - you know, a girly color.
But with reds - if you're a red girl, you'll want several red bags - and if that's the case, maybe forego magenta.
Me, I need only one red bag, because although I love red (red car, red bathrobes, red lingerie), as an accessory, only one shade works for me longterm (and it can't be a bold cool red like Rouge Vif, which I adore, but when I wear it, people ask me if I have jaundice).
I got the Magenta LE for one reason - and that's that I have a tendency to get in a rut with what I wear, and avoid bold/trendy/girly colors. The magenta calls to that part of me that needs to think about girly things - so the splurge. I agree that one can always find a red bag.
My problem is that I can't find "that one red" yet - unless it's an 03 True Red - hard to find. I'm going to wait on my opinion of Tomato, because as a real red aficianado who is also highly picky about her reds - no one else can really tell me if it's the right red. I love burgundy undertones (my car again) - but I can't wear them well.
BTW, I have red boots, three red jackets, red belts and many other red accents - but they're all the same sort of poppy red - and that's what I need. Myself, I'm drawn more to paprika (as a red) than to Rouge Vif - but Magenta is in a class with pink - and of all the pinks, it's my fave.
Bubblegum and 04 Rose are still calling, though.