From the Apple promo page:
Instant movies, styled and edited. That’s magic.
Magic Movie lets you instantly create styled, edited videos complete with titles, transitions, even music — in just a few taps. Select media or an album from your library, then Magic Movie identifies the best parts of the footage and automatically creates an edit. Experiment with different video looks by choosing from 20 different styles. Easily rearrange or delete clips from a simplified list of your shots and modify the details with tools for clip trimming, splitting, and more. And hear the magic as your music dynamically recomposes to the length of your project.
Design your story.
Shot by shot.
Learn video storytelling or sharpen your skills with new Storyboards. The premade video templates guide you through the movie-making process. Choose from 20 storyboards based on popular genres like Cooking, Product Reviews, or Science Experiments. Each storyboard includes a shot list with examples to guide you through capturing footage, organizing clips, and learning different story structures. Easily save your storyboard video to your Photos library to share widely on social, or send to a friend directly via Messages or Mail.
All good stuff. I've always come away disappointed by canned video templates, but Magic Movie in particular looks like its flexible enough for home use, at least, if not 'pro' video presentations.