Magnetic lasso tool is shit. There isn't a single situation where the polygonal lasso and/or the magic wand aren't a better choice.
Not for Photoshop Noobs, they need to get the handle of the situation first. Magic Wand requires playing around with Tolernece, and if you want to outline a object, and you would still need to switch to Lasso or Polygonal Lasso to catch the pieces it was missing. And of course mines horrible, it not like I tried.