I enjoyed the music, both the "Jo Locke", and the not-too-diddly diddly Irish trad by Patrick Street. It had humor, love, and the refinding of lost love. It had Ned Beatty trying to be Irish but without putting on some trite Paddy accent. It had great scenery(no, not the bit with Tara naked) once we're transported to the West. It was filled with little things, like the drunk in the bar toasting Fintan & Mickey, & one of the Ryan family calling out "Yer a bullshi**er!!". Plus, how often do the Guiness tankers get to be in films? And of course, when Mickey was wondering who for fooks sake was Josef Locke, it had the great line "There won't be a dry seat in the house".
As far as the "magical quality", yes, it's there. Magic sometimes happens when you're not expecting it, like "It's A Wonderful Life", "Forrest Gump", "Kes", and "Girls Go Wild II" (just kidding on that last one).