Finally you got one. You were talking about getting one before I even knew OCUK had a mobile phone forum.
Is yours running 1.5 cupcake or 1.6 Donut? If 1.5 then the way I rooted mine, as I described some pages back, would still be valid. If it's 1.6 then it's not.
There are guides on how to take a 1.6 Magic back to 1.5 then root it (or something like that) on the XDA forums and once I wake up, and get over the shock of you finally getting this phone you were lusting after even before I knew I wanted to lust after it (and I've had mine some 4 months), I shall try and find them/it.
Welcome to the club.