This one is a mixed bag of tricks to be sure.
Comics have had a love/hate relationship with magic from the very beginning and the authors appreciate that. There is a nice history of magic in comics that frankly I felt was worth the cover price alone and wanted more.
There is more on how to do magic and how to use magic in a Mutant & Masterminds game which is nice, but not nearly enough of what I wanted.
The NPCs are interesting and have great back-stories. Plus there is enough variety of NPCs here all connected somehow to magic that you can get a good idea of the potential for your game. Sure they are parodies/homage/pastiches of well know comic book characters, but they still manage to be interesting in their own right.
The book suffers from not having a clear voice, some I am attributing to multiple authors each with their own areas of expertise. Suffers is a strong word, but there places where the prose seems to lurch from one place to other.
Though on the plus side this book is still very interesting and moreso than any other M&M supplement to date (except for maybe Hero High) it got me excited about playing a new M&M game again. That has got to be at least worth something.
I still give it 4/5
[4 of 5 Stars!]