I don't have a Magic Bullet, but some family members do. It does work okay, I'm told - it does what it's supposed to. There are lots of decent blenders you can get for, say, $30. They mix, and they blend. Some of them will even last a few years. That said, there is no comparison. This can do many things they can not and anything they can do; this does much better and much faster. I never would have thought I'd happily spend so much on a blender, but now that I own one and have had a chance to use it thoroughly; I would happily pay even more than I did for it. It's worth every penny.
An aside, a departure from the whiz-band gadgetry aspect, this makes it so much easier to eat healthy. That was a big selling point for us, and it delivers in spades.
I'm not sure I've mentioned how all this started. So...
We were just picking up a few things from Costco, and they happened to have a Vita-mix demonstration. I consider myself a realist, ergo am often rather skeptical. I am quite familiar with the conventions of salesmanship, as I myself have used many of the very same tactics. When you can see what this thing does right before your eyes, it's very hard to refute. I got online right there in the store and did my own research and found the claims made were substantiated. The demo guy really did make a soup from scratch in seconds, it really was delicious. I tried everything he made, and they were all great. Even the chocolate ice cream with carrots and cabbage (and maybe a couple other healthful ingredients). He said it was cheaper there than we'd find it anywhere else (including the Vita-mix website). Again, I was incredulous. I looked it up myself at various online retail sources including Amazon and eBay. Sure enough, it was cheaper there than anywhere else.
So...we bought it, and boy are we glad we did.