Yesterday I did some research on my Magic about rooting it.
I think it's not very easy. At least not as easy as with the Dream.
The Google Terminal emulator doesn't work on the Magic due to the lack of the physical keyboard. So I used the adb shell and discovered the following:
/system/bin/sh is executed as user "shell". So we can't do anything funky with it. You can't even view all the config files in /etc or change into every directory you want
The sdcard is mounted with gid and uid 1000 which is user and group "system". It is also mounted with nosuid and noexec. So we also have no chance of executing stuff from it.
I wonder where these groups and users are coming from since there is no /etc/passwd
A portscan revealed that there are no daemons listening on the wifi interface -> No possible exploitation.