Crazy folding thing!
Well I must say this is a mezmorising puzzle - as usual the best source of information is on Jaap's pages at http://www.jaapsch.net/puzzles/magic.htm and the magic transforms page is especially interesting to me.
I got my first Rubik's Magic on 2nd June 2009 from DX in Hong Kong (http://www.dealextreme.com/details.dx/sku.16521) for $8.37. It has the proper Rubik's Magic logo but it may be fake - nevertheless it's a good quality puzzle and I've nothing else to compare it to!
I spent the first 24hrs just playing with the many shapes and then started looking for a way to solve it. YouTube to the rescue (as usual!) and there's a million tutorials (as usual!) but a couple that I found easy to follow are from "monkeydude1313"...
First, this one usually gets me unscrambled after the kids have been playing with it!
Next, this one has a solving technique that doesn't look like you're wrenching the thing to pieces!
When I have the solution memorised I shall start to time myself and we can all have a good laugh!