Let me start off by saying that Magi will present itself as being inspired by the famous Arabian piece of literature 1001 Nights, its really not in all frankness. While it certainly takes some names and a couple of small ideas, its very much its own independent story, which is certainly for the best.

Story 7/10
Most people give the story either a 9 or 10, but I believe that's being too generous. Before people jump at me with sabers, let me explain myself. The story itself is good, and allows for a lot of characterization and dimension given, and combined with a really interesting setting that takes numerous cues from the real world, it allows for a fleshed out, and interesting world to see and get lost in. You have everything from a China-equivalent, to a Baghdad-equivalent, to an Egypt-equivalent, to a Rome-equivalent.
There is however a proverbial Achilles heel with the story: how its told. The pacing of the story is rather questionable, going from quick action scenes to long extended periods of exposition and debate between the characters about everything from politics to philosophy to basic ethics. As a result, this series can get VERY talky, particularly when it comes to various notes about politics, economics, and even how magic works. During these, the story grinds to a screeching halt, and all the showing is replaced by telling. I suppose the point is to flesh out this world as much as possible, but I'm not sure how many shounen fans read manga to hear a discussion about the economic and political implications of imperialism.

Art 8/10
The art here is very good, though the reason I didn't give it a 9 or 10, is that while its very flashy and creative, some of the expressions and designs can be a tad too weird for my tastes. Also, sometimes it can be hard to gauge things such as size or distance from the angles and shots it uses.

Character 9/10
In my opinion, the strongest part of the series isn't the story, its the characters by far. I often gauge them by how much of the character I remember, and I remember all the characters. They all have their own unique traits, skills, and quirks that make them memorable, and stand out. My favorite character is certainly Alibaba. While he does exhibit some typical shounen tropes, like being rebellious, losing his mother at a young age, and being kind hearted, in a departure from traditional shounen characters, he's not entirely confident with himself. Rather, he often needs real encouragement and push from his friends in order to accomplish his dreams. If I had to choose the best shounen protagonist, I'd definitely say it was Alibaba.

Enjoyment: 8/10
Ultimately this is a really enjoyable and engrossing series, but it takes a certain level of patience. Expect a lot of political and economic talk a lot, and brace yourself for long scenes of exposition. However, that doesn't damage the enjoyment of the series, and there are still the flashy action scenes with magic, flying around, explosions, and all the good stuff.

Overall: 8/10
A combination of a strong setting, a good story, and great characters make for a very strong series that I would definitely recommend. However, with a slightly off paced narrative, and with slightly too much exposition, it prevents it from being prefect.