I'm a huge magic fan(who wouldn't be? He was tremendous). Just like I am a huge bird and mj fan. and a huge russell fan. And now a huge lebron fan.
I guess Magic could have an outside case for best basketball player of all time, but of the top 6-7 or so players ever who could concievably have a case(and magic is one of them), I don't think his case is as strong as that of jordan, russell, or wilt. Or Kareem. Each of those four, depending on what criteria you look at, could potentially stand out from the others.
Read Bill Simmons basketball book awhile book, and he has the top 6(a couple years ago, not sure if he puts lebron there yet or not but he's probably knocking soon in his mind) as:
6. Wilt Chamberlain
5. Larry Bird
4. Magic Johnson
3. Kareem Abdul-Jabbar
2. Bill Russell
1. Michael Jordan
I think that you could justify any order of those 6. And add lebron to that in a year or two if he remains the best player in the game.