Magic e does still exist. It is used in several thousand words like (like, bike, make, take, broke, stroke, duke, puke, used) and 86 words with e-e (eke, even, here), but the new name for it is 'split digraphs'.
'Magic e' does not cover all of it, because it's simply the 'open, long' - 'closed, short' vowel spelling method. The second vowel does not have to be e:
halo, stylus, solo, tubular, hero -compare: hallowed, syllable, college, tubby - elation, notion, confusion.
It's a neat system, or would be if it was used consistently.
Unfortunately, several hundred words have redundant -e endings:
are, have, give, live, gone, imagine, promise
(cf. care, save, drive, bone, define, surprise)
and nearly 400 common words don't double the consonant after short, stressed vowels:
very (merry), salad (ballad), copy (poppy)... ignition (mission).
Chaucer (who died in 1400) used this system very consistently. It was messed up mainly by 16th century printers.
Firstly, by the foreign printers of the first English bibles (the first mass-produced English book) who spoke no English, because in England this was illegal until 1539.
Secondly, because early printers (1476 onwards) were paid by the line, they were fond of making words longer (olde, worlde, shoppe, inne, itte, hadde, mennie, fissche).
Additionally, Sam Johnson had far more respect for Latin than English. In his dictionary of 1755 he therefore removed doubled letters from many words of Latin origin which earlier had been spelt with them (e.g. Lattine, pittie, cittie, verray...).
Most redundant -e endings were dropped in the 17th century. Some prominent teachers/intellectuals (Mulcaster, Hart, Bullokar, Smith) had started to talk and write books about it near the end of 16th C, but it did not really take off until 1642-9, when the pampleteers of the English Civil War wanted to squeeze more propaganda onto a single page.
Sadly they got rid of some useful ones too (most, poste, hoste - cf. haste, paste, chaste), while leaving many useless ones (have, give, gone,...).
(Here endeth your lesson on the history of English spelling for today. It's one of my favourite subjects, and I have been studying it now for nearly 15 years.)
PS
If people gave themselves permission to use the 'long, open' - 'closed, short' English vowel spelling system consistently, instead erratically, as enshrined in dictionaries, learning to read and write the language would become vastly easier.
Masha Bell