We have stayed at the Magic four times, and are going back with a group of friends next month. We discovered the Magic by chance on our first visit, and wouldn't think of staying anywhere else now.
As you would expect for the price, the rooms are fairly basic, but they are clean, as are the shared bathrooms which always seem to have plenty of hot water. The staff are all very friendly and helpful and the location is fantastic!
The only downsides are the lack of view (but you are out and about most of the time anyway), and the walk up four flights of stairs after a tiring day... overall though, a very small price to pay for a great budget option which is clean, safe, friendly and very centrally located.