My theory - it's all misdirection

All magic works on the principle of misdirection. I've always been convinced that Breaking The Magicians Code was one big act of misdirection:
1. Show us how a trick could be done (like sawing a woman in half).
2. The next time we see that trick, we think we know how it's done. Except this time, it couldn't possibly work in the way we've been shown.
3. The new magician seems even more amazing.

I'm sure Penn and Teller do this - they show you how a trick is done, then baffle you by doing something even more amazing.

Val Valentino would never be permitted (by the Magic Circle) to reveal tricks, which is why I think the whole show - while fascinating and greatly enjoyed by my young daughters - is one big misdirection.