Machine used: Macbook 2.4Ghz, 4GB RAM, Nvidia 320M, Lion 10.7.3
Certainly not a straightforward install with multiple failed attempts, but it is running excellent now. I wish I could provide detailed, step by step instructions, but I just kept adjusting as I encountered problems. It was worth the effort, and I could duplicate it again if necessary. To the best of my recollection, these are the steps I followed.
Installed Steam, DirectX and .Net. in a new XP bottle. Downloaded Magicka through steam. At first launch, Magicka attempts to install XNA, Directx, and .Net multiple times. After failures and message of "installation already in progress", Magicka launched and quit without displaying anything but a black screen. At next startup, as XNA attempted another install, I ran repair. Added -windowed as startup option. Restarted bottle.
When first successfully in game, no health bar or "spell status" came up, but effects such as fire which had never worked in any other Wine implementation that I previously tried were visible. I had to add new key of useGLSL and set to "enabled" under HKEY_CURRENT_USER\Software\Wine\Direct3D and restart bottle to get health bar and spell status to appear.
Now runs very well with full display of element effects (fire, ice, etc) unlike other Wine installs. As someone who has played the game to completion multiple times on Windows 7, I can not find any errors other than a missing puff of smoke when you cast (right click) without any elements loaded. Runs at comparable speed to natively installed, perhaps a bit slower with the GLSL regedit key, but not much if any.