After seeing this article on slashdot.org and not knowing when the official update was going to be released I attempted to install this ROM.
I used these packages (as suggested by the instructions linked in the article above)
The flash_image command mentioned in the instructions was not present on my Android 1.6 device but the version contained within the update-cm....zip file worked once I had copied it out of the .zip to the device (via usb mounted sdcard) then copied it to /data using 'cat' and chmod'ed it to be executable.
I needed to wipe the memory from the recovery menu before the upgrade would boot.
Overall the Magic seems faster however the device would benefit from having more memory - note on my machine the JIT was disabled by default. I've enabled it but don't know if doing so really gains anything. JIT enhanced code would be faster but the JIT uses up precious memory.