It is like the one on the Dream, but smaller and themed around Donald's nephews. I didn't use it, but it is right next to the splash park and pools and from what I remember it is considerably brighter than the Dream/Fantasy with much more natural light.
On the Dream, this is really the only splash park, so it gets used by older kids. On the Magic, it is right next to the other splash park, so it was not used by older kids, so even with the smaller size, you should be fine.