The Magic Tools no longer have their own separate Function button -- but most are still there. I found them while researching my Muvipix Guide book.
Magic Movie Wizard can be launched from the Welcome Screen or by clicking the puzzle piece in the Media Room.
Magic Cut is launched from the More Features Function Button that appears along the top of the timeline when you select a clip. It's in the Edit Video sub-menu.
Magic Motion Designer (for creating pan & zooms) can be launched when you select a photo on your timeline, click the Tools Function button and select Pan & Zoom.
Magic Music is gone. It's been replaced by a library of Background Music that's accessible from the drop-down menu at the top center of the Media Room.