Since the source code for Android v2.1 (Eclair) was released just over a week ago, several devs started work on separate Eclair ROM ports to the HTC Dream (G1) and Sapphire (Magic 32B) phones. They have spent the past week re-inventing the wheel separately.....and it made more sense to work together. 

They have now joined forces to produce one "Open Eclair" ROM that will benefit from their collective efforts.

They have done an awesome job so far. 

This ROM is both fast and stable. *Almost* everything works. The lack of a working video camera appears to be the sole major remaing item. The still camera works fine. I've installed SetCPU and put the clock at 528MHz for most situations / profiles where I'm actually using the phone. In standby the phone drops to 245MHz. This seems to make the battery last even longer than with the stock Android v1.6....though obviously dependent on usage.  

If you want the cool Nexus One live wallpapers on your HTC Magic, then load this ROM. 

You can have a look at it on my phone (video) here