Magic is always fun, but only if the controls work. Most console games suck with magic. The Fables, Mass Effect, Force Unleashed I felt were way to limited in controls to really use magic(or Force/biotics to prevent trolling). The only good example of magic on a console for me is the Tales series. Because combat is like a fighting game, movement is limited, and controls are more varied for attacks. In most console games, more then half the controls are already taken up for everything else. In Tales, you have 8 fricken slots of spells in addition to basic attacks and everything else. PC games work great with magic if done with a keyboard or interface bars to hold them all. I really felt like a mage in WoW because, with a few mods, every single spell in my large arsenal was at my immdiate disposal.
Summary, magic is fun, but only if the variety of spells can be used fluently. If the contols suck, I'll stick with hack n' slash sword play.