Good to have you back, Brain!
You win a key for winning three games on each seperate level of pirates. I believe the games are seperate, too. For example:
Winning three games on level two Capture the Flag earns a key
Winning three games on level three Ship Battle earns a key, etc.
The keys are in bronze (level 1), silver (level 2), and gold (level 3).
They are one-time use magic. If they aren't used in a day they will disappear from your inventory.
To use the magic, you stand next to the appropriate (gold, silver, or bronze) treasure chest in the pirates treasure room and activate the spell. Sometimes you win credits, one-time magic, or furnishing. Other times you win nothing.
Some other new things include an In-Trade icon above a character's head, an option to turn trade requests on or off, the number of magic stars shown, and a way to find matching sets of teleporters (when you click on one in your inventory, its match will flash).