It's putting much of the selection power from the Advanced Colour Editor in a easier to use (often people overlooked the "create mask from colour selection checkbox") UI. Each brush stroke can have its own selectivity settings and the final mask can be feathered, refined, erased, etc.
You are missing that it is sampling luminosity AND colour. And that you can set it up to sample to edges, or globally.
I've just been sampling some green leaves which had fallen onto green fern fronds.
I couldn't separate the leaves from the ferns with the colour editor (or luma mask), but the magic brush did an amazing job at separating the green leaf edges from the green ferns in the background.
The luminosity and color of the leaves and fronds were very similar (hence me needing the mask for some selective editing) and the magic brush did a much better job than expected.
I know that several of the C1 tutorials give examples of when it just doesn't work and other masking tools are shown to be better, but I've been pretty impressed so far.