Discovery Magic package includes ultimate parkhopper tickets plus two options per person per night including meals, boat rental, golf, mini-golf, etc.
The package may or may not be "worth it" in terms of what you can get if you really use all of the options for expensive dinners, etc., but my guess is it's not "worth it" in terms of what you would really plan to do if you did not have the plan.
Don't know your travel dates but you mentioned
MVMCP and note that Cirque takes a long layoff in November/early December.
Don't know how many people you are pricing for and whether adults or children, but:
--Buy the Ultimate Parkhoppers from the resort and leave off your arrival and/or departure day.
--OR go with Parkhopper Plus passes. Remember you get 3 plusses each with a 6-day Plus pass, or 4 plusses with a 7-day Plus Pass, so you can do water parks and Pleasure Island. Unused days and plusses never expire.
--Remember you don't need to use a parkhopper pass day if you are just going to MVMCP. Save by doing something outside the parks during the daytime hours on your MVMCP day.
We are arriving in the morning Saturday 12/7 and leaving Sunday morning 12/15 and only planning to use 5 parkhopper days. Saturday we will eat at AKL and view animals, check in to CR and relax at the pool, then have a character dinner and watch MK fireworks and electrical water pageant from one of the lagoon resorts. Tuesday is our MVMCP day; we'll have breakfast at Chef Mickey's and maybe go to a water park (other options: swim at the pool, play mini-golf, go to Downtown Disney, go to petting zoo at Fort Wilderness, etc.). Thursday we are playing golf and going to Downtown Disney.