Honestly, I would put Magicka up there as a nominee for Game of the Year.
(The travesty that is still the net code aside.)
For its intended purpose and goal, it's an amazing game.
The marketing? Genius.
The gameplay? Dynamic, chaotic and fun.
The flavor? Teeth grindingly cheesy sometimes, yet oozing nerd cred.
The game/design/company's future? Wide open.
I'm about 3/4 of the way through the SP campaign (since MP is spotty at best) and while it's not the deepest game in the world, I've enjoyed every minute of it, even the obscenely demanding boss fights. I love that there's always at least one way to completely cheese the system, and the devs are ok with that.
That said, here's some fun facts.
Magicka has been known to use 35 to 40kb/sec of upload to run a multiplayer game. For us, that's the main reason we haven't been able to play. Magcka taxes the **** out of your internet connection. (And your memory, apparently.) On release day, some of us had no less than 4 copies of Magicka running, because the code wasn't there for the game to close itself.
I guess the game started as another one of those "design a game" contents, and has been steadily developed over several years.
It's a crazy little game. And damn me if it isn't fun too.